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Chairman’s Report
Dr Archibald Campbell DBA GROUP CHAIRMAN
I am pleased to submit the Annual Report for the JMMB Group for the year ended March 31, 2021. The JMMB Group posted a net profit of J$7.72 billion and an operating revenue of J$22.44 billion, an increase of 4 % over the prior year. Earnings per share stood at J$3.84.
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Despite the ongoing challenges associated with the COVID-19 pandemic, the JMMB Group delivered a year of solid performance. Our Diversified Portfolio strategy has made the Group resilient in these difficult times, and also enabled us to adjust to the market developments and even capitalize on the ongoing opportunities in the market.
A more in depth analysis of the performance of each business line and our overall results are presented in the Management Discussion and Analysis Section of this Report.
SKILLFULLY MANAGING THE COVID-19 PANDEMIC
The year 2020 was a highly unusual year due to the COVID-19 pandemic, which we have all experienced in one way or the other. 2020 also provided a testing ground for our business model, which we have developed and optimised over the last couple of years.
At the onset of our Financial Year, our full attention turned to the persistent spread of the COVID-19 pandemic and its impact on the industry and our business. Among our accomplishments in what can be described as a very unpredictable and uncertain year of doing business, is that we kept our operations running, our team members safe, and clients served. This was achieved through the swift action of our Leadership and Management teams who worked together to implement our Business Continuity Plans across the region, and refined our strategies to meet the challenges.
The refined strategies focused on implementing measures to protect the business and strengthen the Group’s resilience, protecting our client investment portfolios, and protecting the health and safety of our team members and clients. This was no easy feat, and the Board and I salute the entire JMMB Group Team for skillfully managing the COVID-19 pandemic!
KEY HIGHLIGHTS OF THE FY 2020-21
Throughout the year, we had two (2) new business lines moving into profitability: Our newest business line in Trinidad & Tobago; JMMB Express Finance (T&T) Limited, focusing on consumer finance, and our mutual funds business line in the Dominican Republic; JMMB SAFI. We acknowledge the efforts of both teams for having achieved these significant milestones.
The Banking Business Lines in both Jamaica and the Dominican Republic continue to show very good yearly growth, and have once again positioned us as the fastest growing bank (in their respective categories) in both territories. Our Investments, Remittance and Insurance Businesses also showed growth above our expectations.
Throughout the Pandemic, one of our most affected client bases was our Small and Medium Enterprise Business clients (SMEs). Over the period, we continued to deepen our relationship with our SMEs by providing ongoing partnership, support and online training seminars through our Group SME Resource Centre. This partnership with our SMEs will remain an integral part of our strategy.
Our Digital and Technology capabilities were strengthened throughout the year as we aimed to better serve our clients and drive the efficiency of our entities. Making significant advancement in our Digital Strategy should lay a valuable foundation by providing greater and more efficient access and information for our clients. As a result, there was a significant increase in the use of digital channels as we promoted safety and convenience for our clients.
Amongst our achievement inside our Digital Portfolio, was the launch of our Real Time Equity Trading on Moneyline – our Online Banking Platform - providing our clients with an effective and efficient medium which facilitates the trading of shares on the Jamaica Stock Exchange.
On the heels of culminating our Financial Year In March 2021, the JMMB Group continued on its path of executing strategies to strengthen its capital base. The Group executed another successful Preference Share Offer which was oversubscribed by 66%, raising J$10B in capital. This achievement continues to be a testament of our shareholders’ and clients’ trust and belief in the JMMB brand, vision and strategy.
The Group’s Performance amidst a Pandemic Year, sets the stage for bold new plans for the year ahead, and intensifies focus on our operational excellence with a view to streamlining our technology and increasing efficiency.
ACKNOWLEDGEMENT
During the COVID-19 pandemic, we have had to find innovative ways of interacting with our clients, partners, team members and our shareholders. As a result, we hosted our first online Annual General Meeting (AGM) during the year. I wish to thank the shareholders for their attendance at this AGM, which of course was in a different format than the norm. Thank you to both our existing and new shareholders, for the extraordinary support we have received in a challenging phase of our longstanding partnership.
It is also fitting that I pay tribute, on behalf of the Board, to the dedicated Leaders and Team Members across the JMMB Group. Without their tireless efforts and flexibility, working in an uncertain environment, the achievements of the year would not have been possible. To you all, we express our sincere and heartfelt thanks.
To my Board of Directors, who worked hand-in-hand with the Group Executive through what was a very extraordinary year for the JMMB Group, thank you for your unwavering and solid support.
To those who have lost loved ones as a result of the COVID-19 pandemic, please accept our sincerest condolences from the JMMB Family. We at JMMB also lost one team member due to the virus. We give thanks for her life and contribution.
THE WAY FORWARD
Adaptability, resilience and strong business acumen characterised our journey through 2020, and we consider this a litmus test for charting the Way Forward.
We have learned many important lessons on how to best handle and cope with the crisis, and are optimistic that in the year ahead we will see tangible improvements in the areas of health and economic recovery.
We will continue the Group’s strategic journey of building out our Regional Integrated Financial Services Model defined by our hallmarks of Client Experience and Operational Excellence, in addition to investing for growth in new businesses and opportunities. To this end, we invite you to continue to walk this path with us.
Faith
