Victoria Mutual reports Solid Financial Performance in 2007

July 30, 2008

The Victoria Mutual Building Society (VMBS) has reported a Net Surplus of $470 million, for the financial year ending December 31, 2007 compared to $403 million in 2006. This was achieved despite the challenging and uncertain economic environment, as noted by VMBS Chairman, Roy Hutchinson at the Society’s 129th Annual General Meeting held recently at the Society’s Corporate Offices.

For the year under review, the Building Society achieved record levels of mortgage disbursements with a 180% increase in new mortgages compared to the previous year. Looking at 2008, Mr. Hutchinson stated that despite increases in the inflation rate, which has forced VMBS to increase its lending rate, the demand for mortgages continues to be strong. He stated also that although the increased inflation rate affects the general standard of living for all Jamaicans, VMBS continues to work assiduously as a mutual organization, that is, one that is owned by and run for the benefit of its members.

Several of VMBS’ subsidiary companies also reported after-tax profits for the period under review. The Group recorded a Net Surplus of $651 million in 2007, an increase of approximately 20% when compared to the same period in 2006. The companies which form the Victoria Mutual Group continue to provide complementary services to the Building Society and add to the range of financial products and services offered to the members and other customers.

President & CEO, Richard K. Powell, speaking at the Annual General Meeting reassured the members of the commitment of the Executive Management Team and other Team Members under the guidance of the Board of Directors, to operate in the best interest of the membership and as best as possible to provide the most competitive rates for savings and loans, as well as superior customer service delivery from the Group.

Victoria Mutual is one of the oldest and well-respected financial institutions headquartered in Kingston, Jamaica with operations in the United Kingdom and Canada and by year-end in Florida, USA. The flagship company is The Victoria Mutual Building Society (VMBS), which began operations 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, property and motor insurance, property management and savings and residential and commercial loans.

For a complete review of Victoria Mutual's 2007 financial performance, please click to view the 2007 Annual Report.