Victoria Mutual records another Solid Financial Performance in 2008

Thursday, July 30, 2009

Building Society was again industry leader in Mortgage Disbursement

The Victoria Mutual Building Society (VMBS) has reported a Net Surplus of $509.8 million, for the financial year ending December 31, 2008 compared to $470.3 million in 2007. This was achieved despite the challenging local environment and the unprecedented turmoil in the global economy during the second half of 2008, as noted by VMBS Chairman, Roy Hutchinson at the Society’s 130th Annual General Meeting held recently at the Society’s Corporate Offices. The Victoria Mutual Group also experienced growth in revenue of 15.2% to $6.8 billion and Net Surplus increased by 14.2% to 743.8 million.

For the second successive year the Building Society was the industry leader in mortgage disbursements, enabling thousands of new and existing members own their first home. As at December 31, 2008, the Society’s mortgage portfolio stood at approximately $28.2 Billion or 39.6% above the corresponding amount at the end of the prior year.

Speaking at the Annual General Meeting, Mr. Hutchinson stated that VMBS remains committed to the same values and traditions that inspired its founders over a century ago. The Directors and all Team Members are steadfastly helping members and customers in achieving their financial goals. He stated further, that VMBS remains committed to upholding the tradition of being an outstanding corporate citizen by providing support for the development of critical areas of community and national life.

Several of VMBS’ subsidiary companies, which comprise the Victoria Mutual Group, also reported after-tax profits for the period under review. The results achieved by the Victoria Mutual Insurance Company (VMIC) surpassed all expectations with a recorded after-tax profit of $108.98 million reflecting a year over year increase of 93.8%. Despite being affected by the global downturn, the Wealth arm recorded after-tax profits of $59.35 million, representing a 22.4% increase over the prior year. However, Victoria Mutual (Property Services) Limited and VM Money Transfer Services both failed to achieve their targets for 2008.

During his remarks, President & CEO, Richard K. Powell, stated that the Group will continue to act with integrity and offer relevant financial services to the market, in a manner that maintains trust and confidence of its members and customers and pledges its continued commitment to completing the corporate transformation programme for the remainder of 2009 and beyond, in order to improve the Group’s organizational effectiveness and efficiency.

Victoria Mutual is one of the oldest and well-respected financial institutions headquartered in Kingston, Jamaica with operations in the United Kingdom, Canada and the USA. The flagship company is The Victoria Mutual Building Society (VMBS), which began operations over 130 years ago with the vision of transforming Jamaican savers into homeowners. Over the years, the Society has developed a network of loyal members, customers and business partners. VMBS and its subsidiary companies provide a suite of financial solutions including wealth management, investment and stock broking, money transfer, general insurance, property management and savings and residential and commercial loans.