The JMMB Group has reported a net loss of $686 million on operating revenues of $7.5 billion during the quarter ended June 30.
This was an improvement on the $1.5 billion loss recorded in the corresponding period last year.
The result came despite a 30 per cent increase in net interest income to $3.5 billion; a 46 per cent climb in gains from securities trading to $1.9 billion, and a 79 per cent surge in foreign exchange trading gains to $546 million.
The Group is blaming the latest loss on the asset tax, which amounted to $1.2 billion during the quarter.
JMMB says it has been urging the government to remove the tax, noting that it was meant to be a temporary measure used from 2012 to 2016 to close the fiscal gap.
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