GraceKennedy has reported that its banking and investment arm recorded an increase in profit during the six months to June 30.
In an interim report to shareholders, GraceKennedy said First Global Bank delivered higher net interest and non-interest income, due to growth in its loan and deposit portfolios.
The insurance arm had increased revenue with GK General Insurance, recording higher underwriting results, largely due to an improvement in claims. However, the segment was adversely affected by lower foreign exchange gains.
The money services section saw higher revenues from increased remittance transactions in the Jamaican market.
Profits were flat, however, due to investments in technology and efficiency reviews, which are expected to yield more benefits.
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