Victoria Mutual Investments Limited (VMIL) reports strong 2017 results.
2017 Performance Highlights:
- Net Profit – $346.3 million
- Net Interest Margin – 1.60%
- Return on Weighted Average Equity – 19.66%
- Capital to Total Assets – 12.88%
- Efficiency Ratio – 51.59%
- Dividend Payout Ratio (consolidated) – 66.46%
Victoria Mutual Investments Limited (VMIL), the parent company for Victoria Mutual Wealth Management is pleased to report its results for the financial year ended December 31, 2017. The VMIL Group’s profit before tax was $467.83 million, up $74.09 million or 18.82% over the previous year. Net profit after tax was $346.3 million, an increase of $29.02 million or 9.15% over the previous year’s $317.28 million. The effective tax rate in 2017 was 25.98% (2016: 19.42%). VMIL Group revenue for 2017 was $966.46 million, up $155.65 million over $810.8 million for 2016. This 19.2% growth in revenue was driven by Net Fees and Commissions, which jumped $220.58 million or 78.9% to $500.16 million due to our success in meeting the funding needs of the local and regional productive sector through our Capital Markets Unit.
Devon Barrett, the CEO of VMIL, said, “The results reflect another year of overall solid performance by Victoria Mutual Investments Limited. In 2017, our Capital Markets team facilitated funding to the manufacturing, construction, utilities and financial sectors amounting to $18.3 billion, a 48% growth over the previous year. Our Unit Trust portfolios exhibited impressive growth, with our Bond Fund II and III portfolios being the top performing US Dollar Funds for 2017, providing returns of 6.3% and 7.3%, respectively.”
Barrett added that the quality of the results highlights the team’s unmatched expertise, including in research. He pointed out that two members of the Research Team placed first and third respectively in the Jamaica Stock Exchange Market Research Competition in 2017.