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Profit up for VM Investments

BY ABBION ROBINSON
Business reporter
robinsona@jamaicaobserver.com

Sunday, November 17, 2019

Victoria Mutual Investments Limited (VMIL) reported on Wednesday an unaudited net profit of $244.61 million for its third quarter ended September 30, 2019, a 69 per cent increase when compared with the corresponding period last year.

Revenues for the period under review totalled $537.27 million, a 52 per cent increase when compared with the $354.10 million recorded in the corresponding period in 2018.

VMIL's consolidated after-tax profit for the nine months ended September 30, 2019 was $497.39 million, reflecting an increase of $256.39 million or 106.39 per cent over the corresponding period of 2018.

Revenue for the nine-month period amounted to $1.36 billion, reflecting an increase of $441.17 million over the $923.03 million recorded in the corresponding period of 2018. According to VMIL, this significant 47.80 per cent growth in revenue was driven by net fees and commissions and gains on investment activities, which increased by $93.68 million and $261.16 million, respectively.

As of September 30, 2019, VMIL's total assets stood at $24.39 billion, a $4.70 billion or 23.89 per cent increase when compared with the corresponding period last year, mainly influenced by the increase in investment securities.
Earnings per share as of September 30, 2019 ended at $0.33, an increase when compared to the $0.16 recorded in the prior corresponding period.