Wednesday, November 13, 2013

Sagicor Investments posts $320 million in net profit for third quarter

Sagicor Investments Jamaica Limited announced Net Profit of $320 Million for the third quarter, a 1% increase over the same period in 2012. Earnings per share were $0.58 for the current quarter.   

Sagicor Investments reported Net Profit of $657 Million and Earnings per Share of $1.19 year to date.   

Total Assets at the end of the quarter were $89.1 Billion, up marginally by $0.8 Billion since December 2012.  SILJ’s securities portfolio declined by 1% to $71.3 Billion while its credit portfolio increased by 14% to $10.7 Billion, when compared to December 2012.

According to Donovan H. Perkins, President and CEO of Sagicor Investments, “We had a decent quarter, however some of the markets that we now operate in are changing.  Our commercial banking arm, Sagicor Bank, continues to grow and our recent investment in improving the quality of our distribution and developing new products are yielding positive results.”

As it relates to its investment banking activities, the company just completed the largest IPO (Sagicor X-Fund) on the exchange with a $1.5 Billion equity raise.  This transaction will be reflected in Sagicor Investments’ Q4 performance and should earn the Investment firm decent one-time fees, strengthening its brand, introducing new investors and also importantly, building market pride.  “We are now reviewing our Asset Management capabilities to better serve our existing and new customers in the future, as the market shifts from interest spreads to more-fee based activities,” said Perkins.

The CEO also said, “Looking forward, 2014 will be another interesting year for Sagicor.  The environment will be different and we intend to keep our Team focused on what is most important for growth next year, concentrate on driving efficiency and ensuring that our customers feel our warmth.”

Sagicor Investments Jamaica Limited (formerly PanCaribbean) is a member of the Sagicor Jamaica Group and a member of the Jamaica Stock Exchange.  Sagicor Investments has been awarded a plethora of Jamaica Stock Exchange Best Practice Awards, capturing first place for its Annual Report several times over, plus Awards for Dealer Investor Relations, Dealers Revenue Generation and Market Activity, Corporate Disclosure and Investor Relations and the prestigious Governor General’s Award for Excellence.  

Sagicor Investments was also named Company of the Year (2010) by Investor’s Choice magazine.   

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