Reduction In Transaction Volumes For GraceKennedy Remittance Business In Jamaica Due To Enhanced Compliance Measures.
The GraceKennedy Financial Group experienced mixed fortunes during the Second Quarter ended June 2018, as the Money Services and Banking & Investments segments both experienced decline in revenue and pre-tax profits, while the Insurance segment grew revenue and pre-tax profits over the corresponding period of 2017.
The performance of the Money Services segment was due to a reduction in transaction volumes in the remittance business in Jamaica stemming from the implementation of enhanced compliance measures.
These strengthened compliance measures continue to impact the business in the short term but they are expected to lead to long term benefits for the Company and increased competitive advantage through a stronger network of agencies.
GKGI showed increase in profitability which resulted from growth within the motor, property and engineering portfolios with the GKGOnline channel continuing to show strong growth. BM