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Sagicor Jamaica sees hike in profit in first quarter

Sagicor Group Jamaica's profit for the January to March quarter rose by 13 percent to nearly $3 billion .

It achieved net profit of  $2.9 billion dollars compared to $1.88 billion  during the same period last year, while revenue was up 84 percent at just over $23 billion 

Sagicor says its insurance segment has seen strong new business and portfolio growth which were both better than in 2020.

                                                                                                                   
And Sagicor says its banking arm contributed net profit of  $397 million which was an improvement over the corresponding period last year.

The results were positively influenced by much lower expected credit losses on loans.

Sagicor Bank was also able to make significant recoveries on outstanding loans during the three months.

However, fee based income was down four percent at just over one billion dollars.

Loans and Credit Cards business are currently performing below expectations.



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