Left: Earl Jarett. Right: The company is expanding its product offerings such as this new Jamaica National Money Shop on Knutsford Boulevard, New Kingston. - RICARDO MAKYN/STAFF PHOTOGRAPHER
JAMAICA NATIONAL Building Society (JNBS), the largest building society in the Caribbean, experienced growth in a number of critical areas during the period April 2005 to March 2006, maintaining its market dominance.
Assets for the JN Group grew by $6.4 billion, a 11.3 per cent increase, while total assets grew by $3.6 billion or an increase of 7.7 per cent, the audited financial statements for the year ended March 31, 2006 showed. The statements indicate that the group's savings moved from $30 billion to $35 billion, which showed a 15 per cent growth, while the group's capital and Reserves stood at $12.7 billion.
The society's mortgage loan portfolio grew by $3.7 billion, which reflects a 26.8 per cent increase, while the group's loan portfolio increased from $14.4 billion to $18.8 billion; a 30 per cent increase over the previous period.
While JNBS' mortgage loan origination portfolio increased by 21.2 per cent, moving from $4.43 billion to $5.37 billion, the value of disbursements grew by 35 per cent amounting to $4.96 billion up from $3.69 billion.
The group's revenue increased from $6.2 billion to $6.5 billion, however, the society reported profits of $1.4 billion, when compared to $1.9 billion the previous year.
Earl Jarrett, general manager of the JNBS, said the difference in profits was the result of a number of contributing factors. An increase in the number of motor insurance claims, lower interest rates, lower revenues from equity trading, and its commitment to invest in member benefits, were some of the contributing factors, Mr. Jarrett pointed out. Added to these was the impact of hurricanes, which increased the number of insurance claims.
"Additionally, we continue to invest in our member experience by offering the best value in the financial service sector," he said.
Some of these improved benefits for members include free automated teller machine (ATM) service, free utility bill payment; interest calculated on daily balances improved interest rates on mortgages, and preferential rates for foreign exchange transactions.
"The society remains committed to achieving reasonable returns, while providing good value to our members," Mr. Jarrett added.
