JNBS records decline in surplus

Jamaica National Building Society (JNBS) recorded a decline in surplus during its financial year, ended March 31.
   
The surplus amounted to $1.21 billion, down from $1.81 billion in the previous year.
   
Despite this, Earl Jarrett, General Manager of JNBS, said the entity performed well, attracting close to one billion dollars in new savings and increasing its mortgage portfolio.
   
He told the building society's recent annual general meeting that low economic growth, as well as investor and consumer uncertainty, tempered the financial results.
   
Mortgage lending for the financial year was $8.1 billion, up from $7.5 billion in the previous year, with the mortgage portfolio increasing to $51.3 billion, from $47.5 billion.