← News Wed Nov 14, 2018 - 4:29 am - 0 comments

JN Bank nets $997m in year one

Despite recording a decline in surplus, Chief Executive Officer of the Jamaica National Group Limited, Earl Jarrett, reassured members that the company performed creditably in its first full year of operation as a commercial bank.

JN Bank was launched in February 2017 following a seven-year long transformation process to bring the JN Group in line with regulations under the Banking Services Act.

Addressing some 550 members during the Group’s annual general meeting in New Kingston recently, Jarrett revealed that JN Group realised profit of $977 million down from $1.5 billion in the previous year.

The decline was attributable to residual restructuring costs.

“In a challenging economic environment, the JN Group delivered another year of creditable results, reconfirming its core commitment to achieve a meaningful and efficient customer relationship, in tandem with the development of innovative products and services,” Jarrett said of the conglomerate’s overall performance.

“We remain committed to delivering value to our members and customers,” he affirmed.

Published in the Jamaica Observer
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