With a brand new business banking license, the JMMB Group units its sights on bolstering its presence within the Dominican Republic (DR), leveraging the untapped potential of a much less developed monetary sector in comparison with its Jamaican counterpart.
Strategic progress amidst revenue decline
Regardless of a notable 73 per cent decline in working revenue, plummeting from $4.3 billion to $1.1 billion for the 9 months ending December 2023, Group CEO Keith Duncan maintains an optimistic stance.
Emphasizing a balanced progress technique throughout Jamaica, Trinidad and Tobago, and a burgeoning give attention to Barbados, Duncan underscores the DR’s prominence within the group’s enlargement plans.
Duncan, talking on the Mayberry Investments Restricted Digital Investor Discussion board on Thursday, February 28, highlights the pivotal acquisition of the business banking license within the DR.
The group’s latest endeavor entails standardizing banking platform terminals throughout Jamaica, the DR, and Trinidad and Tobago.
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Duncan underscores the importance of this operational alignment, facilitating seamless product rollouts throughout a number of territories regardless of encountering preliminary challenges.
Monetary efficiency and dividend expectations
Regardless of grappling with a high-interest fee regime, the monetary outcomes for the nine-month interval ending December 2023 painting a combined image.
Whereas gross income surged by 13 per cent to $40.9 billion, internet earnings curiosity skilled a 24 per cent downturn to $6.4 billion.
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Duncan anticipates shareholder dividends by mid-2024, contingent upon the completion of the audit course of.
Various enterprise ventures and public sentiment
With a major stake in Sagicor Finance acquired in 2019, which in flip owns a considerable portion of Sagicor Jamaica, the JMMB Group maintains a various portfolio.
Duncan highlights the sturdy efficiency of those enterprise traces, significantly Ivari Holdings, a Canadian-based life insurance coverage firm.
Duncan, reflecting on the latest native authorities election, notes a prevailing sentiment of financial disparity. Regardless of constructive indicators from worldwide entities just like the IMF, Duncan underscores the significance of addressing public sentiment.
Embracing progress alternatives
Trying forward, Duncan advocates for public-private partnerships to gasoline infrastructure tasks, echoing a broader imaginative and prescient for Jamaica’s progress trajectory.
Emphasizing the indispensable function of human capital, Duncan positions the JMMB Group as a proactive participant in Jamaica’s financial evolution.
