JMMB Bank, having made the transition to the commercial banking landscape in 2017, has again topped its industry in its growth rate, for the period ending June 30, 2021, according to data shared by the Bank of Jamaica (BOJ).
The bank saw a 39 per cent growth, or $20.4 billion uptick in its loan portfolio, compared to the industry’s 10.3 per cent loan growth, over the same period.
Moreover, its deposit base grew by 40 per cent or $26.2 billion, moving from $65.4 billion in June 2020 to $91.6 billion over the same period. This performance sets JMMB Bank ahead of the local banking industry’s 16.9 per cent deposit growth rate.
Despite experiencing exponential growth in its loan portfolio, JMMB said it has maintained a below-average non-performing loan (NPL) ratio of 2.2 per cent of total loans, compared to the industry’s average of 2.9 per cent.
Between June 2020 and June 2021, JMMB Bank said it provided support in the form of moratoriums, extended credit facilities and the maintenance of its pre-existing ‘no late payments policy’ on loans, to its most vulnerable retail and business clients. These relief actions were deployed in response to the economic fallout caused by the pandemic and as part of the Bank’s commitment to client partnership.
Jerome Smalling, JMMB Bank CEO shared that the bank’s strategy for growth has been deliberate and designed to provide innovative and client-centric financial solutions, geared towards assisting clients to achieve their goals.
“The bank has forged partnerships with local and international players to provide more affordable financing to individual and business clients; while deepening its relationships with existing clients, especially as they sought to navigate the pandemic and their changing financial needs,” he said.
Jerome Smalling, JMMB Bank CEO
JMMB Bank improved its loan adjudication process for small and medium-sized enterprises (SMEs) and corporate clients and simplified the account-opening process for retail clients.
These moves, in part, have resulted in its loan portfolio growing in key areas namely: business loans, car loans and home financing – mortgages and home equity loans.
The JMMB Bank exec also lauded his team for their commitment and stellar work in serving clients and helping them achieve their goals.
JMMB Bank eyes growth in mortgages & SME business line
In keeping with its strategic direction during this financial year, JMMB Bank is eyeing further growth in its portfolios, with a specific focus on mortgages and the SME business line.
The bank also said it would continue to build out its offerings to compete in the corporate segments, by adding value to those clients and catering to their unmet needs.
The JMMB Bank CEO said, “Homeownership remains a priority for many Jamaicans, and with the boom in the construction sector, JMMB Bank is looking to serve this sector by providing mortgage solutions to individuals while also financing construction projects at competitive rates.
Overall, the JMMB Group said it has reaped tangible benefits from its banking business line across the region, having added 30 per cent or $1.96 billion, to JMMB Group’s $4.87 billion profit (before tax), for the financial year ending March 31, 2019.