JMMB Group has benefited from a double windfall that resulted in an increase of its profit and capital.
Following a one-off gain from the indirect acquisition of a Canada insurance firm, JMMB reported a profit of $15.1 billion for its December 2023 third-quarter.
The figure represents a 278 per cent increase from the $4 billion it made the previous year.
JMMB capital jumped to $73 billion from $48 billion on account of increased net profit and recovery on asset prices on investment revaluation reserves.
The current capital is now 10 per cent of its assets, up from 7.5 per cent.
The windfalls occurred as the group's core earnings for the December quarter dipped 78 per cent year on year to $383 million in operating profit.
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