JMMB reports $1.79b profit

Jamaica Money Market Brokers has reported a stellar nine-month performance in which profits rose 110 per cent to J$1.79 billion.

The company said the improvement was primarily the result of growth in its investment portfolio.

During the period, the company launched two new products, JMMB education solution which gives a combination of financial services and savings products, and a debt consolidation loan product, luring consumers to consolidate their high interest debts and switch to that product.

JMMB also reported that it saw a 32.6 per cent growth in new clients year-on-year.

The company is worth about J$121 billion by assets. JMMB reported healthy cash flows J$3.7 billion at the December 2011 period.