THE COUNTRY'S largest building society Jamaica National Building Society's (JNBS) unaudited figures at March 31, 2004 reveal that it has realised growth in excess of 20 per cent in its asset base for 2003/2004 over the $28.4 billion recorded at the end of the previous financial year.
Emile Spence, Marketing and Distribution Executive Manager of JNBS, made this disclosure while addressing an appreciation function for overseas customers as well as returned citizens of Clarendon at the Versalles Hotel in the parish recently.
At the end of the 2003/2004 financial year, JNBS's unaudited assets stood at approximately $35.6 billion, reflecting an increase of some $7 billion over the corresponding period.
JNBS has been experiencing consistent growth over the past few years as its asset base climbs steadily upwards. Additionally, it has also maintained its position of being ranked fourth in its assets and capital base among local banks, building societies and licensees under the Financial Institutions Act.
Addressing the group Mr. Spence said "sound policies and good management" have provided this basis for continued growth and stability. This combination, he continued, steered the Society through the meltdown that occurred in financial sector the mid 1990s, when several institutions were taken over by the Government. "We have never been 'FINSACed'. In fact, FINSAC approached us for support and we assisted," he disclosed.
PROUD
Mr. Spence declared that JNBS was also proud that in its 130th year, it is one of Jamaica's largest local financial organisations that is wholly Jamaican-owned by those who save with it, both at home and abroad. More importantly, he added, was the fact that all its profits remain in Jamaica to help build the country. He commended the overseas residents and returned citizens for their input in the development of the island. "Many of you have worked overseas for many years and have sent back money to assist in Jamaica's development and now you are back home to live off the rewards of your labour," he added.
The JN Marketing & Distribut-ing Executive noted that many Jamaicans living overseas have utilised the products and services of JNBS to save, obtain mortgage solutions and to remit funds to Jamaica.
This function is the third such event to be held by the Society for customers who formerly resided in the United Kingdom, the United States of America and Canada to meet members of the Jamaica National team and discuss the growth on a one-on-one basis. The previous two functions were held in St Thomas and Portland.
Speaking to Wednesday Business last night, Jamaica National's General Manager Earl Jarrett said:" We had a very good year last year and the reason why our asset base grew by some 20 per cent is because we witnessed positive growth in savings and a double digit rise in our remittance business. We also realised some profits on the sale of NCB shares. Let's not forget that we sold more mortgages last year as well as saw greater returns on Government of Jamaica securities. Of particular satisfaction is the fact that we increased our customer base."
