KINGSTON, Jamaica – The results of the Jamaica National Building Society (JNBS) for the first quarter of the 2008/2009 financial year reveal a 89% hike in Net Savings Intake (NSI) and a 28% increase in mortgage disbursement, compared to the first quarter of last year. During the period April to June 2008, the NSI totaled some $1.8 billion, while approximately $1.74 billion was disbursed for mortgage loans.
The improved performance is a continuation of a trend of record-breaking results by the building society, which at the end of the 07/08 financial year, posted an impressive 71% increase in the NSI and disbursed some 1,700 mortgages, valued at approximately $7 billion, representing a 49% increase over the previous year.
“The financials show that the Society successfully harnessed best practices to maneuver in the context of a changing world economy,” remarks JNBS General Manager, Earl Jarrett, who maintains that JNBS intends to sustain a results-oriented outlook in its operations.
Earl Jarrett – General Manager
He said that the performance of the organisation is the positive results yielded from initiatives which also influenced success in the previous financial year and pointed out that the results are admirable given the market and economic conditions. He is optimistic that this trend will continue.
Mr. Jarrett countered however, that despite the robust performance, in terms of NSI and mortgage disbursement, it is critical for the organisation to contain operational expenses in order to remain viable. He said that management is keen on boosting the internal operational efficiencies in order to sustain a profitability trend and improve service delivery.
According to the JNBS general manager, steps are already underway in this regard.
Leesa Kow, Marketing, Promotions and Sales Executive explains that a three pronged initiative geared at engendering a culture of sales within the building society; widening marketing strategies; and, rewarding outstanding employee performance has been implemented. She said that the roll out of the projects is expected to improve the organisation’s ability to effectively and efficiently match products and services with the needs of Members while encouraging employees to maintain above average performance.
“Internally, the initiatives will augment our track record of service. With our employees being trained and exposed to the new approach to business, we will be able to improve service delivery and also positively impact our bottom line,” she stated.
In a 2007 survey by pollster Bill Johnson, some 97% of the JNBS members interviewed said they were satisfied with the service provided by the Society. The survey also revealed that they rated the service above that provided by other financial institutions.
Speaking to coming improvements in internal processes, Ms. Kow said a revamp of the Society’s mortgage process is pending.
“We are refining the processing to enhance the experience for applicants, and improve efficiency. Several components of the process are being redesigned to capitalise on technological improvements. The expected results: faster approval and disbursement for applicants and reduced costs for the Society,” she maintains.
