JAMAICA NATIONAL Building Society (JNBS) group assets increased from $28.78 billion in 2002 to $34.74 billion in 2003, said its general manager, Earl Jarrett.
He was speaking last week to leaders in business, labour and the arts at the Holiday Inn in Kensington, London, England, where he released the financial results of the JNBS group for the year ended March 31, 2003.
In a release, Mr. Jarrett said the JNBS group reported a surplus before tax of $1.82 billion, compared to $1.39 billion the previous year. Jamaica National Building Society's assets amounted to $26.966 billion, while its surplus was $1.39 billion.
The JNBS group is the main provider of financial and mortgage services regionally. It is ranked among Jamaica's largest financial institutions offering a blend of financial services and mortgage plans to customers living in Jamaica, United Sates of America, United Kingdom, Canada and Cayman.
The subsidiary, Jamaica National Overseas UK, has made significant investments in the United Kingdom over the past year, opening five new financial centres in London, he said. The services offered through those outlets include money transfers, bill payments, mortgage lending, cheque cashing and pay day loans.
It employs 50 persons in its United Kingdom operations. Mr. Jarrett said the UK business is profitable and plans are currently being developed to add new products and services to the market.
The strategy is to have a sustainable stand-alone business in Britain, Mr. Jarrett said.
