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Sagicor records increase in net profit

Sagicor Group Jamaica raked in higher revenue and profit during first three months of  2018.
 
It recorded consolidated revenue of  $15.82 billion, up by 5 per cent when compared to the same period in 2017, while net profit increased two per cent to $2.64 billion. 
 
Sagicor says the profit outcome was influenced by new business, portfolio growth and containment of  operating expenses. 
 
However, it says there were some circumstances which depressed financial performance, including lower interest rates and a large loss of  $415 million, before taxes, on certain bonds which were redeemed.
 
Meanwhile,  Sagicor says during the January to March quarter its subsidary, Sagicor Bank, contributed net profits of $194 million, twice the amount recorded in 2017. 
 
This resulted from revenues of  $2.56 billion  which were 11 per cent more than the same period last year. 
 
Large capital losses were recorded on certain bonds redeemed during the three months; however, fee based income was 53 per cent more than in 2017.


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