JMMB Group quarterly profit slips, nine-month earnings surge

JMMB Group Limited posted net profit of $985.5 million for its third quarter ended December 2025, down from $1.14 billion a year earlier due to impairments and Hurricane Melissa disruptions.

Group CEO Keith Duncan said the hurricane “negatively impacted the group’s operations”, though core earnings continued on a positive trajectory. Melissa struck Jamaica last October, causing damage estimated at US$8.9 billion, or about 40 per cent of GDP.

JMMB offers banking, securities and insurance brokerage services and holds one of the largest client networks in the region.

For the nine months, profit rose to $4.36 billion, up 138 per cent from the corresponding period in 2024. Jamaica contributed 54 per cent of group revenue during the period. Diversification across business lines and countries supported performance.

Operating revenues improved 23 per cent to $22.4 billion. Net interest income climbed 38 per cent to $11.2 billion, while fees and commissions rose eight per cent and securities trading gains jumped 41 per cent.

Banking & related services delivered $14.5 billion in operating revenues, an 18 per cent increase year-over-year. “This performance is due to the increased usage of digital banking services and increased sales productivity, resulting in the strong performance of the loan and deposit portfolios across the banking segment,” Duncan said.

The turnaround was particularly notable in Jamaica, where operating profit improved 340 per cent year-over-year, moving from a loss in the prior year to $1.8 billion year-to- date.

Diversification is also reflected in JMMB’s 24.49 per cent stake in Sagicor Financial Company Limited (SFC), the holding company of the Sagicor Group. Earnings from SFC totalled $2.4 billion, net of finance costs for the nine months, and $664 million for the quarter.

“The Jamaican team also demonstrated strong resilience and effective management, successfully navigating the impact of Category 5 Hurricane Melissa, while maintaining operational continuity and delivering improved performance,” the report stated.

luke.douglas@gleanerjm.com