JMMB Group Limited recorded a net loss of J$686.4 million for its first quarter ended June 30, primarily due to a share of loss from associate, Sagicor Financial Company (SFC), which contributed J$251.4 million to the overall associate companies’ loss of J$290.3 million.

Despite this, JMMB Group delivered what it considers a strong core performance, with net operating revenue of J$7.49 billion, a 32 per cent increase over the prior year period—driven by growth across all major revenue lines.

The group’s financial performance was underpinned by net interest income of J$3.51 billion, up 30 per cent year-over-year, and gains on securities trading of J$1.9 billion, reflecting a 46 per cent increase. Foreign exchange margins rose by 69 per cent to J$546 million, while fees and commissions income climbed 13 per cent to J$1.41 billion. These gains contributed to an operating profit of J$739.9 million, a significant turnaround from the operating loss reported in the prior year. This performance was achieved despite the continued drag of the Government of Jamaica’s asset tax, which amounted to J$1.17 billion and was fully accounted for in the first quarter, distorting the group’s profitability.

Jamaica remained the largest contributor to gross operating revenue (54 per cent), followed by the Dominican Republic (21 per cent), Trinidad and Tobago (15 per cent), and Barbados (nine per cent).

The banking business line contributed 61 per cent of group operating revenue, or J$4.6 billion, while the investment business line accounted for 39 per cent, or J$2.9 billion, reflecting strong gains from trading and FX margins.

The group’s off-balance sheet funds under management stood at J$242.2 billion, up from J$217.6 billion in the prior year, reflecting continued client confidence. Shareholders’ equity grew to J$60.1 billion, up eight per cent from March 2025, further strengthening the group’s capital position.

Commenting on the group’s financial performance, Patrick Ellis, JMMB Group chief financial officer, stated, “This quarter’s results reflect the strength of our core operations and the disciplined execution of our Smart Growth Strategy. While the reported loss was driven by external factors, our underlying performance shows continued momentum across our business lines and markets. We remain focused on delivering long-term value to our stakeholders.”

Keith Duncan, JMMB Group CEO, added, “I am extremely proud of the resilience and commitment demonstrated by our team across the region, which has resulted in a strong core performance this quarter.”

“I also want to express my heartfelt gratitude to our shareholders for their continued confidence, and to our clients for choosing JMMB as their trusted financial partner. These results affirm our strategic direction, and we remain optimistic about the future as we continue to build a resilient, diversified financial services Group that delivers sustainable growth,” he added.