JMMB Group reports increased profit

JMMB Group reports improved profit of 12.3 percent for the year to March 2016, of $2.3 billion, versus $2.05 billion in 2015 or earnings per share of $1.39.
The improvement flowed from increased net operating revenue net of interest expense of $11.42 billion from $10.32 billion in 2015 but increased cost helped keep the net position down as cost rose sharply by 12.8 percent to $8.78 billion from $7.79 billion in 2015.
Helping in the growth is an improvement in net interest income of $5.5 billion versus $5.26 billion in 2015 and a big jump in net gains on securities trading of $4 billion up from $3.4 billion in 2015.
The company’s stock trades at $9.50, down from $9.99 from Monday’s closing price, in the morning session on the Jamaica Stock Exchange today. The stock now trades at a PE of 6.8 times the 2016 earnings.
The company recently, declared a dividend of 18 cents per ordinary share, to be paid on June 30, 2016 to shareholders, on record as at June 10.