Jamaica Money Market Brokers (Trinidad and Tobago) Ltd has recorded a profit of $6.7 million for the year ended March 31, 2021.
Profit for the comparative period in 2020 was $16.7 million.
“In terms of financial performance, like many others in the industry, JMMB’s 2020/21 performance in T&T has shown a decline compared to prior years on account of lower revenues and higher impairment losses in the commercial and retail banking business line as well as our investment and portfolio management operations,” its chairman Archibald Campbell stated.
“Notwithstanding, I am extremely pleased to report that our consumer finance business through JMMB Express Finance (T&T) Ltd has recorded exceptional growth and achieved a significant milestone of moving into profitability after just thirty months of operating,” Campbell said.
Given the success of JMM Express Finance, Campbell said, the plan is to roll out this business model across the region.
“The protracted COVID-19 pandemic has cast a shadow over the global economic realities with the intense focus centred on protecting human lives above livelihoods,” he noted.
“Like many other countries in the region, T&T’s efforts to curb the spread of the virus resulted in the closure of its borders limiting the flow of national and non-nationals from other countries as well as extended lock down periods during 2020, which impacted many non-essential businesses and the local labour market,” JMMB’s Chairman said.
Campbell revealed that JMMB triggered its Crisis Management Plan early in the pandemic and this served the institution well in ensuring continuity in its day-to-day operations.
“JMMB’s client base has not been immune to the economic dislocation and business inertia resulting from the restrictions imposed and these periods of lock down. Hence, we offered and many of our clients accepted periods of loan instalment deferrals while others were forced to relook their business models so as to pivot out of these difficult times,” he said.
“I am proud to say that JMMB has continued to support our clients through this very trying period providing the financial easing when required and business advice to help them weather the storm. This is a strong testimony to our partnership with our clients and our long-term commitments to the T&T financial sector,” Campbell stated.