CCMB profits hike 312% to US$4.59mn in Q1

Jamaica's Capital & Credit Merchant Bank (CCMB) posted after tax net profits of J$275mn (US$4.59mn) for the first quarter, a 312% jump compared to the same period 2003, local daily Jamaica Observer reported. The bank also reported an ROE of just over 45% and an efficiency ratio of 27% during the same period. Commenting on CCMB's 2004 first quarter performance, bank president and CEO Curtis Martin noted that assets under management moved year-on-year from J$32.8bn to J$49.6bn as of end-March this year, while the generated net interest income totaled J$266.5mn for 1Q04, ­representing an increase of close to 113% over the comparative first quarter last year. These achievements, he notes, have been against the background of prudent management, resource diversification and more favorable market conditions, with gradually declining interest rates during the first quarter of 2004, Martin added. According to Martin, the bank's wholly-owned subsidiary Capital & Credit Securities Ltd (CCSL) contributed significantly to the 211% year-on-year increase to J$202mn in other income through its stockbroking activities. CCMB has operated in the Jamaican financial market for 10 years and is the only bank to be listed on the Jamaican and Trinidad & Tobago stock exchanges