Following on its second full year in operation, JN Bank continues to perform creditably, says JN Group CEO, Hon Earl Jarrett.
JN Bank was launched in February 2017, following a seven-year long process to transform The Jamaica National Group.
Addressing some 900 members during the Group’s third Annual General Meeting in New Kingston recently, Mr Jarrett said JN Bank’s customer base remained strong.
JN Group CEO, Hon Earl Jarrett
He revealed that the bank saw more than 68,600 new accounts opened at a value of $124.94 billion during the financial year ending March 31, 2019.
He noted that the company also improved its services to the mortgage market, with the introduction of new loan options under its Design Your Mortgage campaign. This included a 110% mortgage option to assist persons with mortgage-related expenses, such as the deposit and closing costs.
However, mortgage performance saw a decline, he indicated, with 833 persons receiving mortgages valued at just under $10 billion. He explained that this was as a result of persons deferring mortgages in order to wait for the implementation of tax incentives announced by the government on stamp duty and transfer taxes as well as on mortgage rates. Mr Jarrett pointed out that while the reduction mortgage disbursements represented an 11 per cent, mortgages still represented more than 40 per cent of the company’s combined loan disbursement portfolio.
Mr Jarrett noted that the goal is to continue to improve service delivery with the expansion of loan mortgage options and strengthen its digital capabilities.
During the financial year, JN Bank also launched its commercial loans through a relationship with Tank Weld Equipment, to finance purchases of SHACMAN heavy duty trucks and other commercial vehicles and equipment sold by the company.
JN Bank experienced a net savings intake of more than $11.2 billion, Mr Jarrett revealed, pushing its overall portfolio to nearly 732,000 accounts valued at almost $925 billion.
He further informed that while the number of persons who benefitted from premium insurance financing remained at approximately 3,200 persons, the portfolio grew by 27 per cent to $3.3 billion.
The company also doubled the value of business loans offered to members and customers to $2.2 billion.
“Our investment in the automotive sector also increased by 45 per cent as we provided members and customers with approximately $2.7 billion in motor vehicle loan financing,” he said.
The JN Group CEO also noted that JN Bank would be making a sizable investment to improve its technological capabilities in order to reduce wait time for customers and members. In addition, the bank will be strengthening its internet banking platform, JN LIVE and installing ATM machines capable of offering more services to reduce traffic flow in branches.
