Senior Reporter
andrea.perez-sobers@guardian.co.tt
The JMMB group is expecting a recovery in 2024 in the T&T market, following results for 2023 that were less than expected.
During the JMMB Group Ltd’s investor briefing yesterday, it was revealed the group reported a profit of J$11.8 billion or US$75.8 million.
JMMB’s chief financial officer Patrick Ellis confirmed that the group was affected by high interest rates around the globe.
“As a result, our net interest income was impacted, year-over-year, moving from J$11.18 to J$9.16 billion, reflecting a 18 per cent dip.”
Further, Ellis said the market sentiment negatively compressed foreign exchange gains, which took the hardest hit with a 48 per cent decline compared to the prior year, totalling, J$1.75 billion; while fees and commission income also saw a marginal decrease, from J$3.02 billion to J$2.97 billion,” he explained.
Also speaking, group chief executive Keith Duncan noted that while the TT market was profitable, the group’s investment segment was affected by the TT Stock Market, which he expects will rebound.
“In Trinidad, we do expect that we will continue, our profitability will continue, we expect that we will see a turnaround in the investment business line. We expect a reasonable performance out of Trinidad,” Duncan said.
Delving further into challenges, Duncan noted that despite the prevailing uncertainties and challenges in the global economy, JMMB remains confident in its strategy to navigate the environment and capitalise on emerging opportunities to drive profitability and win-win partnership for its stakeholders.