JN Group invested approximately J$85 billion in loans last year which it said benefitted more than 16,000 borrowers and contributed to the creation of over 200,000 jobs.
Chief executive officer of the Jamaica National Group (JN Group), Earl Jarrett, outlined how the various loan portfolios of the financial group performed over the year in its annual report.
According to Jarrett, the Group financed approximately J$85.2 billion worth of loans in various sectors. More than 70 per cent of the portfolio went to housing finance and personal loans, including unsecured loans; and credit cards, “due to lower interest rates on credit card payments.”
“The Group’s contribution to the automotive sector is evident by our investment of J$563 million in motor vehicle loan financing. Approximately 3,200 members and customers benefitted from the flexible premium payment options; and adequate motor insurance coverage, through the premium insurance financing offered by JN Bank.”– JN Group
“As a firm supporter of business development, we facilitated members and customers to access creative financing options. Our microfinance company, JN Small Business Loans Limited, remained dominant in this sector for a third consecutive year, with a record-breaking performance of disbursing $6.1 billion in loans in one year, topping the record performance of $5 billion last year,” Jarrett said adding that “This is a 22 per cent increase in disbursements over the previous year. Of equal significance is the fact that, more than 16,000 persons were beneficiaries of these loans; and the funds enabled the creation and maintenance of more than 200,000 jobs.”
Additionally, about a third of the Group’s disbursed loans were to meet housing and other real estate needs. “Approximately one-third of our combined loan disbursement portfolio enabled our members to realise their home acquisition goals, having received mortgages valued at just under J$10 billion,” said Jarrett. “Another area which has shown steady progress is our business loan financing programme. During the year, we disbursed J$1.8 billion in development and real estate loans, and have strengthened our team, to further build out this portfolio; and make a larger contribution to this sector.”
Continuing the outline of the 2019 activities, Jarrett said, “The Group’s contribution to the automotive sector is evident by our investment of J$563 million in motor vehicle loan financing. Approximately 3,200 members and customers benefitted from the flexible premium payment options; and adequate motor insurance coverage, through the premium insurance financing offered by JN Bank.”
With regards to the Group’s vision for next year, he said “We are also looking at implementing blended products, to create unique experiences for members and customers, in a bid to realise our objective to provide them with full package solutions across the Group. Overall, we are pleased with the contribution that our Group has made to enable access to funding for critical sectors of the economy.”
The Group made J$813 million in net surplus, down approximately J$84 million over the previous year, for the financial year ended March 31.