JMMB Group made a profit of $3.06 billion at year end March 2014, which, on the face of it, appears to be a decline from the previous year’s $3.86 billion.
However, the earlier period was boosted by a one-off gain of $1.61 billion, and if you were to discount it, this year’s profits have actually jumped by $792 million, the money market firm said.
The 2012-13 gain arose from the acquisition of the Capital and Credit Financial Group.
Gains made from acquisitions in the year just ended, was a much smaller $361 million.
JMMB is now a $207-billion company by assets, up from $167 billion. Its capital base expanded from $17 billion to just under $19 billion.
Its cash holdings grew four fold, from just under $6 billion to more than $23 billion.
“Core growth was driven by JMMB’s strategy of regional and business line diversification, as well as growing revenues faster than expenses,” the company said at the release of its annual results.
Published in the Gleaner
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