JMMB Group reports J$3.74B profit and 6% revenue growth, showing strong financial resilience amid global challenges.

 

JMMB Group Limited has announced a net profit of J$3.74 billion and J$25.2 billion in net operating revenue for the 2024/25 financial year, marking a 6 per cent year-over-year growth despite persistent global economic headwinds and high-interest rate pressures.

At its 12th annual general meeting (AGM), JMMB reaffirmed its commitment to delivering sustainable shareholder value through what it calls a “Smart Growth Strategy.” The approach focuses on capital-efficient expansion, diversified income streams, and prudent risk management across its regional markets.

Earnings per share (EPS) stood at J$1.80, with the Group forecasting a minimum 20 per cent annual increase in dividends over the next three years. JMMB also disclosed that it paid J$488.9 million in dividends for the 2024/25 year and proposed J$587 million for 2025/26. Additionally, the repurchase of 1.33 million shares under its share buy-back programme demonstrates continued confidence in its long-term growth potential.

Keith Duncan, CEO of JMMB Group Limited, underscored the Group’s resilience and vision:

“We are building resilience. We are here for the long haul. While there are challenges, we must keep our eyes on the prize and remain positive. Our Smart Growth Strategy has laid a strong foundation, and we are confident in our ability to deliver sustainable value to our clients and shareholders.”

Expanding Regional Footprint

The AGM also highlighted JMMB’s expanding presence across Jamaica, Trinidad and Tobago, the Dominican Republic, and Barbados. The company’s real estate arm, JMMB Real Estate Holdings Ltd., is advancing two major commercial developments—Harbour Street and The Haughton—both expected to begin construction in Q4 of the 2025/26 financial year.

These projects are designed to deliver a 15 per cent developer’s profit hurdle rate and will be financed through market-based partnerships under JMMB’s build-and-sell model.

Addressing Structural Challenges

Despite its financial success, JMMB continues to advocate for tax reform, particularly concerning Jamaica’s asset tax, which has cost the Group over J$9 billion to date, including J$1.16 billion in the first quarter of FY 2025/26 alone—more than double its expected dividend payout for that period.

The Group echoed the International Monetary Fund’s view that the tax, levied on assets rather than profits, distorts financial intermediation and disproportionately affects long-term investors and pensioners.

In response to rising policy rates between 2021 and 2024, JMMB adopted a client-first lending approach—raising loan rates gradually and reducing them swiftly as conditions improved. This strategy helped cushion clients from the full impact of tighter monetary policy, preserving affordability and stability.

The Group also noted that it faces increasing compliance costs, driven by over 100 new regulatory directives in the past decade, and called for a more balanced approach to financial reform to support growth and innovation within Jamaica’s banking sector.

Leadership Perspective

Dr Archibald Campbell, Chairman of JMMB Group, described the company’s ethos as one grounded in empowerment and purpose:

“Our theme—Resilient. Empowered. Purpose-Driven—is not just a reflection of our performance, but a testament to our values. We remain committed to building a financial institution that empowers lives, uplifts communities, and delivers consistent value to all stakeholders.”

With a capital base of J$60.11 billion in stockholders’ equity and robust liquidity buffers, JMMB is well-positioned to seize new opportunities as interest rates decline and regional capital markets recover.

Our Opinion

JMMB Group’s latest results demonstrate disciplined financial management amid regional uncertainty. Its 6 per cent revenue growth and J$3.74 billion profit show effective cost control and strategic diversification. The Group’s advocacy for tax reform reflects maturity and sector leadership—pushing for a financial landscape that rewards innovation rather than punishes scale.

With upcoming real estate projects and a stable dividend outlook, JMMB continues to balance growth, profitability, and social impact—a rare combination in today’s economic climate.