Victoria Mutual Investments Limited CEO Rezworth Burchenson

VM Wealth Investments doubles profits in 2019

Victoria Mutual Investments Limited CEO Rezworth Burchenson

Victoria Mutual Wealth Investments Limited (VMIL) closed out its 25th anniversary with a record performance which saw net profits double to almost J$600 million in 2019.

Victoria Mutual Wealth Investments CEO Rezworth Burchenson

The financial performance saw net profit grow by 50.4 per cent to $598 million when compared with 2018. Overall, profit before tax was $786.2 million, an increase of 45.9 per cent.

Further, consolidated revenue for the year ended December 31, 2019 increased by $376.19 million or 29 per cent over the previous year to total $1.68 billion, according to VMIL’s audited financial statement by chairman Michael McMorris and CEO Rezworth Burchenson.

“This growth in revenue was driven by net fees and commissions and gains from investment activities, which increased by $94.86 million and $272.02 million, respectively.”

– VMIL Chairman Michael McMorris and CEO Rezworth Burchenson.

However, operating expenses for the period grew by 47.6 per cent due to the company’s investment in human resources, information technology and process improvements “which it said will enable it to “seamlessly and efficiently launch various other management products.”

Other significant highlights of the year include growing total assets under management to $54.86 billion, up 19.5 per cent; having the top performing real estate fund, VM Wealth Property Portfolio, in Jamaica and the underwriting of a $2 billion rights issue by its capital markets unit.

VMIL noted that it acquired a 30 per cent stake in the Barbados-based FinTech company, Carilend Caribbean Holdings for $106.03 million. “The principal activity of Carilend is to operate a regional peer to peer lending platform which efficiently matches borrowers with lenders.” VMIL said it hopes the acquisition will help it expand the company’s regional footprint in the medium term.

Assets grew to $25.39 billion, up 17.5 per cent, due mainly to its increase in investment securities, cash balances and loan portfolios. Liabilities totalled $21.06 billion, an increase of $2.22 billion or 11.8 per cent, led by increase in borrowings and repurchase agreements.