JMMB profit down slightly but…

JMMB sign at Knut BrnchJMMB Group posted a 14 percent fall in net profit compared to 2013, with profit after tax of J$1.85 billion. Earnings per share amounted to J$1.14 for the nine month period to December 2014, and $644 million after tax, for the December quarter or 40 cents per share, in line with the September quarter results of $651 million but just 8 percent below 2013. Operating expenses, however, rose by $220 million in the quarter above that of the September quarter, helping to keep profit down.
Earnings for the full fiscal year to March, should end around $1.60 per share, at a stock price of $7 and a PE of 3.5, the stock is undervalued. Profit before tax was higher for the latest quarter, a near $100 million increase in corporate tax provision resulted in net profit falling behind the December 2013 quarter. Operating revenues grew 18.1 percent over prior period, to J$7.8 billion, due mainly to acquisition of two subsidiaries and $2.8 billion for the quarter versus $2.45 billion for the December 2013 quarter.
JMMB_ibl_logoThe group’s Net Interest Income grew J$270 million or 7.1 percent year-over-year to J$4 billion. Management attributed the growth to “expanded business lines through the acquisition of Intercommercial Bank (IBL) in October 2013, coupled with effectively managing the group’s investment portfolio and cost of funds. Other operating revenues, namely, gains on securities trading, foreign exchange margins from cambio trading, and commission income also reflected increases of 25.2 percent, 78.5 percent and 30.7 percent respectively, these were driven largely by volume increases and taking advantage of market opportunities. Our operations in the Dominican Republic continue to produce positive results contributing J$508 million to the Group and IBL contributed J$162 million to the group’s earnings.”
Operating expenses increased from J$3.99 billion to J$5.45 billion. ”Expenses associated with the expansion of the group through the acquisition of IBL and AIC Securities accounted for J$796 million (54.6 percent) of this increase and the remaining J$662 (45.4 percent) is attributable to costs associated with integration, growth in subsidiaries in the regional markets, increase in asset tax and normal inflationary increases”, management advised shareholders.
One of the effects of the increase in operating costs was that the group’s efficiency ratio (administrative costs as a percentage of operating revenue) moved from 60.4 percent in 2013 to 69.9 percent. Management is taking medium to long-term measures to correct this increase, mainly through extracting synergies from its recent acquisitions through its integrated financial services model across regional territories, the company stated.
JMMB 12-14Concerns|Insider selling of the company’s stock has been high, raising concerns about the prospects going forward, with the likely impact on earnings that could arise with the restrictions being placed on repo trades that will see smaller amounts no longer acceptable to be booked directly by dealers. This change will affect margins on such funds, even if they are shifted to unit trust. The company made much income from foreign exchange trading which could be curtailed with what seems set to be greater stability in rate of the Jamaican dollar against the US dollar. IBL is operating in Trinidad where the economy is facing reduced income from the energy industry with the fall in the price of oil and gas, the country also is faced with high inflation, these developments are likely to see measures being implemented that could constrain business activities and so affect income and profits in the subsidiaries in that country.
Locally, Treasury bill rates have been falling since the first half of 2014 and seem set to decline some more, this can be both positive and negative, depending on the length of time, funds are placed on the asset and liabilities sides. Lower rates mean less income being earned by the company’s own funds, some investments will see an increase in values and greater activity in the stock market which can lead to more fee income as well as appreciation in any stock portfolio it may hold.
JMMB Group will replace shares in Jamaica Money Brokers shortly, and become the listed company. Shareholders of the group were paid 33 cents in dividend last year.

JMMB makes strong recovery in Q2

JMMBProfit for September quarter at Jamaica Money Market Brokers (JMMB) made a spirited recovery from the fall of 27 percent, in the June quarter to a more moderate 7 percent decline to reach $651 million from $697 million in September 2013. For the year to date, the decline is down to 17 percent to $1.2 billion.
Two main issues led to this performance, the main income generator, Interest income grew 20 percent in the quarter and 18 percent year to date but net interest income grew much more slowly at 14 percent and 12 percent respectively. Other revenues rose 37 percent in the September quarter and 33 percent for the six months but expenses jumped 45 percent in the quarter and 49 percent for the six months ending September this year, to $3.5 million. JMMB made some progress in cutting cost in the quarter but much more will be needed in the months ahead if the pace of increased cost is to be kept in line with or below the growth rate of income. “Expenses associated with the expansion of the Group through the acquisition of IBL accounted for $715 million (63 percent) of this increase and the remaining $421 (37 percent) is explained by costs associated with integration, growth in subsidiaries in the regional markets, increase in asset tax and normal inflationary increases,” Management states.
JMMB sum 9-14The banking segment had improved the results from $125 million in 2013 to $269 million in 2014, partially due to the acquisition of the Intercommercial Bank in October 2013, while financial and related services moved from $1.69 billion down to $1.25 billion.
Total assets grew from $172 billion in September last year to $224 billion in September, this year. The growth in asset is 10 percent or annualised at 20 percent since the fiscal year end in March. Equity stood at $20 billion at the end of September. The growth in assets is pretty strong and should result in strong increase in profits going forward.
JMMB stock last traded on the Jamaica Stock Exchange at $7 and on the Trinidad Stock Exchange at TT 45 cents.

JMMB profits down in June quarter

JMMBJMMB Group posted net profit of $558 million and earnings per share of 34 cents for the quarter to June this year, but this was a huge 26 percent lower than the $754 million earned in 2013. Total revenues grew by 16 percent from $2.07 billion to $2.4 billion in the quarter helped by three acquisitions in two years.
Increased expense ate up the added income and more, pushing profit down sharply in the process. This is in contrast to the March quarter when profits rose 5 percent for that quarter. Interest margin got squeezed, falling from 69.3 percent in the 2013 quarter to only 63.74 percent this year as the Group’s Net Interest Income grew year-over-year from J$1.18 billion to only J$1.29 billion, an increase of J$112 million or 9.5 percent. This increase was driven mainly by expanded business lines through acquisition of Intercommercial Bank Limited (IBL) in October 2013, coupled with managing the Group’s investment portfolio and cost of funds.
Other operating revenues, comprising securities trading, foreign exchange margins from cambio trading and commission income increased by 12.4 percent, 95.5 percent and 32.1 percent respectively, driven mainly from increased volume.
Expansion of the Group through acquisition of IBL in the third quarter of 2013/14 resulted in operating expenses moving to J$1.72 billion compared to J$1.13 billion for the prior year. IBL contributed J$323 million or 28.6 percent, while the remaining J$272 million or 24 percent was due mainly to integration costs, growth in subsidiaries in the regional markets, and normal inflationary increases. The Group acquired of 100 percent of AIC Securities Limited, a Trinidad and Tobago based company for TT$5.36 million (J$92.7 million), on 30 April 2014. In Trinidad and Tobago operations are now poised to provide a full range of services to our clients, management stated.
Assets| At the end of June total asset of the JMMB Group increased by J$8.7 billion or 4.2 percent for the period, moving from J$206.7 billion at March 2014 to J$215.4 billion. This increase in assets was mainly funded by client deposits, long-term subordinated debt and repurchase agreements. The company acts as agent and earns fees for managing clients’ funds on a non-recourse basis under a management agreement. At 30 June 2014, funds managed in this way amounted to J$29,609,590,000 (2013 – J$23,242,771,000).
Interest rates down| During the quarter interest rates on treasury bills in Jamaica started to decline and would have resulted in some pressures on margin as commitments at fixed rates to customers would mature and then re-priced. Future looks like JMMB should still end up with earnings around $2 per share for the current year, but much will depend on how well they do in managing their investment portfolio and the impact that lower interest rates will have on valuations.

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