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Sagicor Group records 3rd quarter profit

Sagicor Group recorded a profit during its third quarter ended September.
 
For the three-month period, the financial group made J$4.5 billion, up from a restated loss of $3.8 billion.
 
This brought the nine month profit to 10 point 2 billion dollars. 
 
Specific to the Sagicor Group's Commercial Banking, net profit amounted to 2 point 1-4 billion, down from $2.34 billion last year.
 
The segment recorded an 11 per cent increase in revenues, linked to an increase in its card payments portfolios and growth in net interest income. 
 
For the quarter, insurance income amounted to $12.3 billion, versus $9.9 billion last year.
 
The restated figures come as a result of the group's adoption of the International Financial Reporting Standards - IFRS 17, which causes an adjustment in the classification of some line items in financial statements.
 
Sagicor says, while it notes improvements in Jamaica's economic performance, it remains alert to the impact of a tight monetary climate and linked effects.
 


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