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JMMB Group Posts Net Profit Of J$1.97B And EPS Of J$0.98 For Three Months Ended 30 June 2022.

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Keith P. Duncan Group Chief Executive Officer JMMB Group Limited has released the following Three Months Highlights for the period ended 30 June 2022 (Expressed in Jamaican dollars unless otherwise indicated)

Performance Highlights
• Net Operating Revenue J$6.55 billion, down 5%
• Net Interest Income J$2.91 billion, up 2%
• Net Profit J$1.97 billion, up 2%
• Earnings per Stock Unit J$0.98, up J$0.10

Group CEO’S Commentary

The JMMB Group posted solid results in the first quarter of its thirtieth year of operations. The Group continues to derive significant benefits from the consistent execution of its diversification strategy. The quarter’s performance is largely underpinned by the improved performance of key business lines in Trinidad and Tobago as well as the contribution of J$1.26 billion from its associated company, Sagicor Financial Company Limited (SFC).

Having come through the short to medium term shocks brought on by the pandemic over the last two years, the Group has managed to successfully pivot to a focus on growth in its major key performance indicators. The current financial year is now however, contextualized by rising global interest rate and an ongoing geopolitical crisis which has exacerbated global supply chain disruptions and commodity prices.

With this backdrop, the Group’s focus has been refined as “smart growth” which reflects driving growth from core operations and includes deriving the most from its operating territories which are rebounding and/or experiencing faster growth. While rising interest have negatively impacted gains on securities trading, the Group has reflected positive growth from net interest income, foreign exchange trading, income from capital markets and collective investment schemes as our clients continue to demonstrate confidence in our solutions and leverage our expertise.

Smart Growth – Revenue & Geographic Diversification, Strong Capital Management

The Group’s “smart growth” strategy now includes an emphasis on strategic revenue diversification, strong capital management, and growing core activities in key business lines. This has thus included a shift to the utilization of less capital, a focus on off balance sheet funds and deriving core revenue from FX gains, capital markets and the banking business line.

Additionally, the Group’s year over year first quarter growth in net profit was due in part to the 23.33% stake in SFC.

This acquisition continues to deliver considerable value to the Group and underscores the efficacy of the Group’ inorganic growth strategy.

Also contributing to this performance is the Group’s operations in the Dominican Republic which contributed 25% of operating revenue. This performance again underscores the continued value of the market and the Group’s continued and aggressive execution of its diversification strategy there.

In keeping with this is the most recent acquisition in the market by JMMB Holding Company SRL’s, a subsidiary of JMMB Group Limited, which acquired 100% shareholding in Dominican Republic-based Banco Múltiple Bell Bank SA, marking the Group’s entry into the market’s commercial banking sector. With this acquisition, the Group’s operations in this territory are now rounded out to include a full range of investment management services, pension funds management and commercial banking services.

Through this, the Group is now to set to further deepen its presence in the market inclusive of the roll out of a full range of online banking as well as niche card and payment solutions and services.

In the upcoming quarters, focus on geographic diversification will remain with sharp focus on Trinidad and Tobago, where the operating environment is currently more accommodative to growth. Business line diversification will also continue to be important with the fund management business line specifically targeted for growth through new and existing mutual fund products to support further diversification and financial goal attainment for clients.

Additionally, there will be a strategic focus on capital efficient growth from lending as well as opportunistic growth in the investment portfolio as well as an emphasis on revenue diversification as the Group expands its payments solutions suite with the roll out of e-commerce and niche card solutions in the upcoming quarter. With this, the Group expects to continue to deliver solid results and value to stakeholders for the remainder of the financial year.

Group Financial Performance

Net Operating Revenue

The JMMB Group posted net operating revenue of J$6.55 billion for the three months ended June 30, 2022, reflecting a decline of 5%. The operating environment was quite challenging when compared to the prior period. For one, there was rising inflation which reflected the war in Ukraine and the attendant increase in geo-political uncertainty; supply chain disruptions as well as other Covid-related factors. Central banks across the world, as a part of their inflation targeting regime, have responded by increasing interest rate and reducing market liquidity. This had a particularly negative effect on trading gains.

Trading gains fell by 58% to J$1B as given higher interest rates, investors were de-risking and as a result there was reduced demand for emerging market assets. Consequently, asset prices fell and trading activity was reduced. This was contrary to the prior period, then investor sentiment was high and interest rates were low.

Therefore, investors were in search of yields and there was high demand for emerging market assets. All other major revenue line items increased, especially fees and commission income. This was facilitated by increased economic activity as all the territories in which we operate are in recovery mode. In fact, the Dominican Republic has recovered to pre-pandemic levels. Thus, fees and commission income were 75% higher at J$1.67 billion and reflected significant growth in managed funds and collective investment schemes across the Group. Our clients continue to be reassured by our expertise and our dedication to ensuring that they meet their financial life goals. Further, our clients continue to demonstrate confidence in the value of solutions and services which was evidenced by strong growth in the loan and investment portfolios. Thus, net interest income moved from J$2.86 billion to J$2.91 billion.

Segment Contribution

The Banking & Related Services segment contributed J$3.23 billion or 50% of net operating revenue. This represented a 32% increase when compared to the prior period and reflected strong growth in the loan book which translated into increased net interest income. Also, there were higher trading gains and fees.

The Financial and Related Services segment contributed J$3.26 billion or 49% of net operating revenue and reflected a decline of 25%. This largely reflected lower trading gains.

Operating Efficiency

Operating expenses moved from J$4.72 billion to J$5.32 billion as we continued to grow in a cost-efficient manner. This included inflationary increases as well as strategic spend related to our longer-term initiatives aimed at improving the posture and positioning of the Group. Thus, operational efficiency moved from 69% to 81%. Nevertheless, we continued to focus on projects to cause scale and efficiency and thereby contribute to long term shareholder value.

Group Financial Position

Total Assets

At the end of the reporting period, the JMMB Group’s asset base totalled J$624.89 billion, up 2% relative to the start of the financial year. This was mainly on account of a larger loan portfolio which grew by 7% to J$152.5 billion. The credit quality of the loan portfolio continued to be comparable to international standards and we continue to maintain enhanced monitoring to mitigate against possible deterioration in credit quality.

Growth in the asset base over the three-month period was funded in part by increases in multilateral funding and repos. An additional tranche of funding was received from IDB Invest, a member of the Inter-American Development Bank Group. This is earmarked for the SME segment and will improve the capacity of the JMMB Bank (JA) to continue building its SME solutions suite. Also, repos grew by 2% to J$305.49 billion.

Capital

Over the three-month period, shareholders’ equity decreased by 10% to J$50.67 billion. Despite posting significant profit for Q1, this was completely offset by further decline in investment revaluation reserve. For the current reporting period, bond prices and by extension investment revaluation reserve continued to be negatively impacted by rising interest rates, increased global uncertainty, rising commodity prices as well as supply chain disruptions.

Nevertheless, the Group continues to be adequately capitalized and all individually regulated companies within the Group continues to exceed their regulatory capital requirements. The performance of the major subsidiaries is shown
in the table above.

Off-Balance Sheet Funds under Management

In alignment with the Group’s strategy to provide complete, customized financial solutions for each client, we experienced growth in our off-balance sheet products which include pension funds, unit trusts and money market funds.
The total invested in off-balance sheet products as at the end of June 2022 stood at J$190.08 billion compared to J$170.68 billion as at end of June 2021.

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Main Event Entertainment Records $9.4M Net Loss For April 2025 Quarter

As part of its long-term strategy to reduce revenue volatility and deepen brand equity, the company has begun investing in its proprietary events. The performance of these initiatives is expected to materialise in the upcoming quarters.

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Solomon Sharpe Chief Executive Officer For Main Event Entertainment Group Limited Has Released The Following Unaudited Results For Six Months Ended April 30, 2025

The second quarter of the financial year unfolded within a still recovering economic environment. Jamaica experienced two consecutive quarters of economic contraction prior to this period, with the latest data from the Planning Institute of Jamaica (PIOJ) indicating a return to modest growth.

As a business closely tied to consumer activity and discretionary spending, MEEG’s performance is inevitably influenced by prevailing economic conditions. In times of reduced disposable income, demand for entertainment, events, and promotional services often comes under pressure. This context has framed many of the challenges and opportunities we faced during the quarter.

The company generated revenue of $306.368 million for the second quarter ended April 30, 2025. This represents a decline of $112.207 million or 27% compared to the second quarter of 2024. For the half-year, the company earned revenue of $891.395 million, reflecting a reduction of $94.932 million or 10% relative to the corresponding period last year. This contraction in revenue is primarily attributable to continued softness in core event categories, most notably Entertainment & Promotions and M-Style Decor. Performance was impacted by a combination of lower client marketing spend, fewer large-scale productions, and the nonrecurrence of several high-value projects that contributed materially to the prior year’s second quarter. Despite the general slowdown, the period saw several new and re-engaged clients contribute positively to revenue performance.

As part of its long-term strategy to reduce revenue volatility and deepen brand equity, the company has begun investing in its proprietary events. The performance of these initiatives is expected to materialise in the upcoming quarters.

Gross profit for the quarter was $165.818 million, compared to $198.064 million in the second quarter of 2024 — a decline of $32.246 million or 16%. Gross profit for the six months amounted to $467.485 million, down $46.402 million or 9% relative to the same period last year.

The company’s gross margin remained relatively stable at 54% for the quarter, a slight improvement from the 53% reported in the prior year. This increase reflects stronger project cost control and enhancements in resource planning, even amidst a softer revenue performance.

The company recorded a net loss of $9.337 million for the quarter, compared to a net profit of $20.016 million in Q2 2024. For the six-month period, net profit stood at $64.329 million, a decrease of $55.942 million or 47% from the $120.271 million earned in the comparative period. This swing was primarily driven by the reduction in revenue and other operating income, which was not fully offset by cost reductions.

Administrative and general expenses for the quarter totalled $143.244 million, an increase of $15.757 million or 12% compared to $127.487 million in the prior year.

Selling and promotional expenses also rose to $7.177 million, up 62% year over year, driven by increased brand-building efforts.

Depreciation expense declined by approximately $6.718 million or 20% compared to the prior quarter and by $9.764 million year-over-year, reflecting the completion of previous capital cycles. Conversely, amortisation charges increased, largely due to the refinancing of existing leases and the addition of new ones. These movements are aligned with the company’s strategy to invest in equipment and assets that enhance operational capacity and service delivery.

Total operating expenses for the quarter were $186.794 million, compared to $178.886 million in Q2 2024, an increase of 4%. On a year-to-date basis, total operating expenses amounted to $405.514 million, up $20.279 million or 5% over the $385.235 million recorded in the prior year.

Finance costs were marginally higher at $2.959 million, while taxation for the quarter reflected a credit of $1.876 million, corresponding to the pre-tax loss position.

The company reported a loss per share of $0.03 for the second quarter, compared to earnings per share of $0.07 in the prior year. For the six-month period, EPS was $0.21, down from $0.40 in 2024.
As at April 30, 2025, total assets stood at $1,219.275 million, broadly in line with $1,219.929 million recorded at the end of the second quarter of 2024.

Cash and bank balances amounted to $141.700 million, with short-term deposits increasing to $252.598 million, together reflecting a stable liquidity position.

Receivables closed at $299.718 million, slightly below the $309.556 million reported in the prior year.

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The LAB Posts $20.6M Half-Year Profit, Down 58%, Impacted by Revenue Timing and Margin Compression

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Kimala Bennett Chief Executive Officer for Limners and Bards Limited (The LAB) has released the following unaudited consolidated financial statements for the six-month period ended April 30, 2025, prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated results include the performance of subsidiary Scope Caribbean Limited (Scope), whose core business involves the scouting, placement, and management of talent, supported by the development and maintenance of a comprehensive talent database.

For the period under review, the Group’s consolidated balance sheet remained sound with a stable cash position, providing the financial flexibility to support ongoing operations and strategic initiatives.

Revenue over the 6-month period of $460.2 million, represented a 3.3% increase compared to the corresponding period in 2024. This growth was driven primarily by increased activity in the Production and Media business segments. Media contributed $240.7 million, followed by Production at $151.8 million, and Agency at $67.5 million.

Gross profit amounted to $175.4 million, reflecting a 2.7% decline year-over-year. This was due to a higher proportion of revenue being derived from Media, which typically carries lower margins relative to the Agency segment. This shift in revenue mix also resulted in a 2% decline in the company’s net profit margin.

Net profit for the six-month period stood at $20.6 million, a 58.3% decline compared to the same period in the prior year. The decrease was primarily attributable to lower gross margins and a reduction in second-quarter revenue which was largely due to seasonal variations and the timing of project deliveries.

Operating expenses, comprising administrative, selling, and distribution costs, increased by $14.4 million or 10 percent compared to the same period last year. This increase primarily reflects strategic investments in talent, particularly in areas critical to our growth agenda such as business development, content creation, and enhancing the overall customer experience. While these investments contributed to higher short-term costs, they are considered essential to scaling our operations and building long-term shareholder value.

Total assets amounted to $1.03 billion, reflecting a decrease of $11.2 million or 1.1 percent, mainly attributable to normal depreciation. Current assets increased marginally to $865.9 million, up $1.6 million from the prior year.

Cash and cash equivalents stood at $332.4 million, down $226 million year-over-year, due primarily to increased investment in the development of proprietary content assets.

Accounts receivable increased by $39.5 million, and management continues to work closely with clients to manage credit terms and reduce outstanding balances.

Shareholders’ equity grew to $659.1 million, up 1.8 percent from $647.3 million in the prior-year period.

The LAB remains focused on disciplined execution of its growth strategy, with a continued emphasis on improving operational efficiency, diversifying revenue streams, and delivering long-term value to shareholders

Outlook & Growth Strategy

Looking ahead, the Group remains focused on executing its strategic roadmap amidst continued transformation in the marketing and creative services sector. Our efforts are concentrated on expanding and diversifying revenue streams, acquiring new clients, and introducing new service lines that align with emerging market needs. At the same time, we are maintaining a strong emphasis on cost discipline and efficiency.

The integration of artificial intelligence into our operations is expected to further streamline processes and deliver cost savings where appropriate.

Continued investment in content development also remains a strategic priority.

Despite ongoing macroeconomic uncertainty, 2025 has presented key opportunities for us to advance several critical initiatives. Our revenue expansion strategy includes the rollout of our “Five-in-25” content plan, which focuses on the development of five scalable content properties, the geographic expansion of our Agency and Production services, and the monetization of existing financial and intellectual assets to enhance top-line growth.

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SEE ALSO

Meta’s AI Ad Revolution Is A Seismic Shift in the Media Landscape – Its Impact On Caribbean Agencies

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Scotiabank Trinidad And Tobago Declares Dividend Of 70 Cents Per Share For 2nd Quarter

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Scotiabank Trinidad and Tobago Limited (The Group) reported Income After Taxation of $340 million for the 6 months ended 30 April 2025. This represents an increase of $17 million or 5% compared to the 6 months ended 30 April 2024. Income after Tax for the second quarter was $174 million, an increase of $14 million or 9% over the prior quarter’s performance.

This improved profitability resulted in an increased Return on Equity (ROE) of 14.9% and a stable Return on Assets (ROA) of 2.2% over the prior year.

Based on these financial results, Scotiabank Trinidad and Tobago Limited is pleased to declare a dividend of 70 cents per share for the 2nd quarter, for a total of 140 cents for the first half of fiscal 2025. Earnings per Share (EPS) increased to 192.9c with a strong Dividend yield of 5.35%.

Gayle Pazos, the Managing Director of Scotiabank Trinidad and Tobago Limited commented, “I am pleased to report on the Group’s strong financial performance this quarter.

By leveraging digital advancements and optimizing asset allocations, the Group has set a solid foundation for future growth and resilience in an ever-evolving financial landscape.

Income After Tax increased by 5% year on year, driven by core revenue growth. We have achieved significant asset growth of $1.8 billion or 6%, testament to our robust strategies and market positioning. Loans to Customers grew $716 million or 4%, with our investment portfolio growing by $1.6 billion or 27%.

This strong asset growth underscores our commitment to optimizing market conditions and ensuring consistent value creation for our stakeholders. Customers’ Deposits also grew by $1.6 billion or 7%, with digital adoption increasing to 57%. By leveraging digital advancements and optimizing asset allocations, the Group has set a solid foundation for future growth and resilience in an ever-evolving financial landscape.

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CIBC Caribbean Delivers Another Strong Quarter Of Financial Performance

We have maintained our focus on credit quality, and this is reflected in our provision for credit losses of US$2.8 million, which is US$5.1 million lower than the prior year. The reduction was driven by improved economic conditions and our prudent risk management approach.

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CIBC Caribbean has delivered another strong quarter of financial performance with a net income of US$58.5 million for the six months ended April 30, 2025. This result reflects an increase of US$9.6 million or 20% over the prior year’s net income of US$48.9 million. Our continued growth has been driven by higher net interest income, improved credit quality, and disciplined expense management.

Total revenue for the period was US$223.3 million, up US$15.8 million or 8% from the prior year. Net interest income rose by US$10.9 million or 7%, reflecting loan growth and improved margins. Non-interest income also increased by US$4.9 million or 11%, due to higher transaction volumes and foreign exchange earnings.

We have maintained our focus on credit quality, and this is reflected in our provision for credit losses of US$2.8 million, which is US$5.1 million lower than the prior year. The reduction was driven by improved economic conditions and our prudent risk management approach.

Operating expenses increased by US$2.1 million or 2%, primarily due to investments in technology and digital transformation initiatives, in line with our strategy to enhance customer experience and drive efficiency.

Our capital and liquidity positions remain strong and comfortably above regulatory requirements, supporting future growth and resilience.

Mark St. Hill Chief Executive Officer June 12, 2025

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Scotia Group Delivers 19% Q2 Profit Growth, Net Income Hits $5B for the Quarter

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The Following is an extract from Scotia Group Jamaica Limited (SGJ) Quarterly Financial Statements Q2/2025 and Declaration of Second Interim Dividend Payment

Scotia Group reports net income of $9.2 billion for the six months ended April 30, 2025, representing an increase of $665.6 million or 7.8% over the prior year. Net income for the quarter of $5 billion reflected an increase of $797.9 million or 19% over the previous quarter. The Group’s asset base grew by $87 billion or 12.9% to $763.5 billion as at April 2025 and was underpinned by the excellent performance of our loan and investment portfolios.

In furtherance of our objective to continue to return value to our shareholders, the Board of Directors has approved a dividend of 45 cents per stock unit in respect of the second quarter, which is payable on July 17, 2025, to stockholders on record as at June 25, 2025.

Commenting on the Group’s performance, Scotia Group’s President and CEO, Audrey Tugwell Henry said “I am very pleased with our Q2 performance.

Our business continues to grow as we prioritize our clients’ needs, offering them the best financial services and solutions in the market. We are also very proud that our performance has been recognized by renowned international financial publications. Scotiabank Jamaica has been named Bank of the Year 2025 by the prestigious publication, The Banker Magazine, as well as the Best International Private Bank 2025 by Euromoney, and The Best Bank in Jamaica by Global Finance Magazine. These accolades are a testament to the effectiveness of our strategy and the excellence of our people. We are buoyed by these awards and motivated to continue to strive toward our ultimate goal of being our clients’ most trusted financial partner.

Business Performance

All business lines continue to perform well and made significant contributions to the Group. Our retail banking business boasts some of the best solutions in the market and our clients are increasingly choosing Scotia Group for their financing needs. Our flexible retail loans and mortgages offer among the lowest interest rates in the market. Our Scotia Plan loan portfolio grew 14% over the previous year and our mortgage portfolio grew by 24% over the same period.

The Corporate and Commercial Banking unit continues to provide significant support to the business sector. While the uncertainties of the geo-political environment remain a concern, Scotiabank is uniquely positioned to help our clients by leveraging insights from our global bank to support them in navigating the challenges in the market. In Q2, our commercial loan book grew by 7 % over the previous year.

Scotia Investments Jamaica Limited delivered another commendable performance with Assets Under Management increasing by 12% year over year. In March, SIJL’s corporate solutions unit was the lead arranger for a $950 Million bond raise for Fontana Pharmacy. The coordinated collaboration between our corporate banking and corporate solutions business units continue to yield strong results for the Group.

Scotia Jamaica Life Insurance Company (SJLIC) reported an increase in net insurance business revenue of 76% over the previous year driven by the performance of the portfolio. Scotia General Insurance Agency (SGIA) also made strong contributions to the quarter’s results with Gross Written Premiums increasing by 64% and policy sales increasing by 55% year over year.

GROUP FINANCIAL PERFORMANCE

TOTAL REVENUES

Total revenues excluding expected credit losses for the six months ended April 30, 2025, grew by $2.9 billion to $33.4 billion, reflecting an increase of 9.5% over the prior year period. This was primarily driven by the strong growth in our loan portfolio which led to an increase in net interest income of $1.9 billion or 8.5% as well as an increase in other revenue of 13.1%. OTHER REVENUE Other income, defined as all revenue other than interest income, increased by $1.2 billion or 13.1%.

• Net fee and commission income for the period amounted to $3.9 billion, reflecting an increase of $501.1 million or 14.6%. This growth was fueled by higher volumes of client transactions and activities.

• Net insurance revenue increased by $797.4 million or 75.6%, driven by higher contractual service margin releases coupled with lower insurance expenses in keeping with the performance of the portfolio, as well as an increase in transaction volumes stemming from further deepening of our client relationships.

• Net gains on financial assets amounted to $288 million, reflecting a year over year increase of $85.5 million or 42.2%, given improved market performance.

OPERATING EXPENSES

Operating expenses totaled $18 billion as at April 2025 and reflected an increase of $2.6 billion or 16.6% when compared to the prior period. Of note, annual asset taxes recorded during the period totaled $1.7 billion, an increase over 2024 of $140.1 million or 9%. Excluding the reduction in the net pension credit on our defined benefit plans, operating expenses increased by $2 billion or 12.3% year over year.

Additionally, higher billings associated with cash transportation services and deposit processing as well as our investments in technology also contributed to the increase noted in other operating expenses. The Group continues to expand on our digital capabilities geared towards simplifying and streamlining our processes to make it easier for our clients to do business with us.

CAPITAL

Shareholders’ equity available to common shareholders totaled $155.9 billion and reflected an increase of $29.1 billion or 22.9% when compared to April 2024. This was due primarily to the re-measurement of the defined benefit pension plan assets, higher fair value gains on the investment portfolio and higher internally generated profits partially offset by dividends paid.

We continue to exceed regulatory capital requirements in all our business lines, and our strong capital position also enables us to manage increased capital adequacy requirements in the future and take advantage of growth opportunities.

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