JMMB Q1 Profit up 56%.

For the first quarter ended June 30 2018, JMMB Group posted net income of $956.6Mn (EPS; $0.57), up +56% when compared to the corresponding period in 2017.  Net operating revenues grew by 15% to $4.67Bn during the quarter, mainly from increases in interest income, FX trading gains, and fee and commission income. Net interest income grew by 8% or J$155.9 million to J$2.07 billion as there was strong growth in the loan and investment portfolios.  For Q1, the efficiency ratio was 72% compared to 74% in the prior period last year. Operating expenses for the reporting period amounted to J$3.34Bn which was 11% higher than the prior period. This was attributed primarily to costs associated with the build out of the integrated Group sales and support framework coupled with the continued build-out of commercial banking services in Jamaica.

JMMB’s focus for the year is to consolidate and grow its regional integrated financial services business model, while improving operational efficiency across the group.

JMMB currently trades at a $28.99 per share, representing an appreciation of  +20.9% year-to-date.  At its current price JMMB has a P/E of 12.23x which is below the financial sector average of 17.73x.