Revenues and profit up for VMIL Q2

Revenues and profit up for VMIL Q2

BY ABBION ROBINSON
Business reporter
robinsona@jamaicaobserver.com

Friday, July 31, 2020

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Despite the instability of the local and global investment markets being impacted by the ongoing COVID-19 pandemic, Victoria Mutual Investments Limited's (VMIL) second quarter, ended June 30, 2020, showed significant improvement over the first quarter, according to CEO Rezworth Burchenson.

“For the second quarter, ended June 30, 2020,VMIL recorded a profit after tax of $207.79 million reflecting an impressive increase of $244.69 million when compared to the previous quarter, and an increase of $72.85 million, or 53.99 per cent when compared to the second quarter of 2019,” Burchenson stated in the report.

Consolidated revenues for the period under review amounted to $449.78 million, up from the $397.58 million recorded in the prior corresponding period.

The results were predominantly driven by gains of $3.71 million from investment activities, when compared to a loss of $100.84 million in the first quarter and an increase of $98.75 million in fee income in the company's Capital Markets Unit.

In addition, the company's loan portfolio for the six-month period, ended June 30, 2020, increased by $1.21 billion to $2.29 billion, which was offset by a decrease in its investment securities of $2.20 billion. This resulted in a year over year decrease in total assets by $1.11 billion or 4.51 per cent.

As at June 30, basic earnings per share stood at $0.14, up from the $0.09 recorded in the prior corresponding period.


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