4 months ago
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The JMMB group has recorded a significant boost in net profit despite what it says was a challenging financial year.
A statement from the company on Thursday shows the regional financial conglomerate reporting $11.86 billion in net profit for the financial year ending, March 31, 2024.
This is up from the $6.3 billion in net profit for the corresponding period ending March 31, 2023.
Chief Financial Officer at the JMMB Group, Patrick Ellis, explained that the challenging macroeconomic environment characterised by persistent high interest rates during the period, impacted financial performance.
Net interest income was impacted, year-over-year, moving from $11.18 billion to $9.16 billion. That’s an 18 per cent decline.
The company also took a significant blow in foreign exchange gains, which fell by 48 per cent. It totalled $1.75 billion dollars for 2024.
However, gains on securities traded surged by 67 per cent for the period and helped offset losses. It moved from $3.51 billion to $5.85 billion.
Mr. Ellis, while acknowledging the difficulties faced, expressed continued confidence in the company’s strategic direction and the resilience of its business model.
English (US) ·