Sagicor Group bounced head in Q3

SagicorBuilding280x150Banking profit fell to a loss of $16 million this year so far, from a profit of $271.8 million for the nine-month period to September last year, helping to pressure Sagicor Group’s profit for the third quarter and year to date.
The financial group saw a sharp fall in profit in the quarter, from $1.56 billion to $1.1 billion. “Post-acquisition losses relating to the RBC Jamaica acquisition that was completed effective June 2014 amounted to $231 million, including rebranding and restructuring costs” the Sagicor management said in a release with the result.
The Group produced net profits of $3.84 billion, with $3.79 billion available to stockholders, for the nine months to September. This outcome was better than last year by a mere 2.5 percent. Earnings per stock unit came out at $0.99. Profit for third quarter amounted to $1.08 billion compared with $1.52 billion for 2013 after minority interest. The current period results and the nine months profits were impacted by costs for rebranding and rationalizing operations, following the RBC Jamaica acquisition, higher taxes and lower unrealised FX gains in 2014 compared to 2013. The 2013 results included the negative impact of the Government of Jamaica NDX debt swap.
Segments| The group’s performance for the nine months disguises what has taken place in the segments. Individual insurance generated 20.5 percent more profit than it did in 2013, to reach $1.3 billion, employees’ benefit jumped 26.3 percent to $2.3 billion and investment banking climbed 83 percent to $569 million, this segment would have had the negative impact of the NDX in 2013. The category, All Other fell sharply, from $272 million to $79 million.
Revenues and Expenses| Revenue grew 9.6 percent above prior year, to hit $34.2 billion. The 2013 revenue included the realised capital losses as a result of the debt exchange. “2014 Net Premium Income, in aggregate, was slightly below that for 2013. Net Investment income was higher than in the prior year, reflecting business growth and units’ appreciation in the Segregated Funds. The 2013 Net investment Income number also includes capital losses from the NDX and PDX,” the manager’s statement said.
Group administration expenses of $7.52 billion were 35 percent more than in 2013. The significant increase includes post acquisition expenses for the RBC portfolio and one-time costs for re-branding the RBC portfolio and rationalization of operations. The Banking Group also had operating costs associated with the new flagship Hope Road branch which was opened in December 2013,” management explained in their report to shareholders.
The increased administration cost which was $3.4 billion in the third quarter was $1.6 billion more than the amount incurred in 2013 due to the added ongoing cost associated with running the RBC banking operation. The results for the December quarter should see a sharp reduction in this category of expense and therefore help improve the profit to what would normally be expected.
Assets| With the acquisition of RBC Jamaica operations the total group assets now sits at $262 billion up from $189 billion at September 2013 and equity stands at $42 billion.

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  1. […] with the main market indices jumping between 2,832 and 3,371 points, as JMMB Group jumped to $12, Sagicor Group climbed to a new closing high of $22.51 and Scotia Group traded at an intraday high of $34. The […]

  2. […] by 10 cents, Radio Jamaica had 51,000 shares trading with a gain of 42 cents to end at $4.08, Sagicor Group closed at $20 with 24,426 units changing hands, Scotia Group had 36,809 shares changing hands at […]

  3. […] points to 1,683.83. Interesting trades include Cable & Wireless with 81,815 units at $1.33, Sagicor Group with 798,976at $18.50 and Supreme Ventures 1,409,317 shares at $4.66. Derrimon Trading preference […]

  4. […] hands, Pan Jamaican Investment had 20,000 units changing hands at $92.50, having risen 39 cents, Sagicor Group closed with 50,628 units changing hands but the price gained 69 cents to end at $17.50 for a new 52 […]

  5. […] changing hands, Pulse Investments traded 96,506 shares with a rise of 1 cent to close at $2.26, Sagicor Group with 107,647 units changing hands ended at $16.54. Scotia Group lost $1 with 96,044 shares changing […]

  6. […] had 32,620 units trading at $2.50, Radio Jamaica lost 44 cents in trading 1,000 units at $4.06, Sagicor Group with 108,541 units changing hands, ended at $16.70, Sagicor Real Estate Fund ended with 22,365 […]

  7. […] closed 50 down at $32.50, Pan Jamaican traded 6,888 shares to end 12 cents higher, at $80.12, Sagicor Group fell 85 cents with 3,120,466 shares trading, to close at $14.66, for a rise of 51 cents. Sagicor […]

  8. […] $31.60. Pan Jamaican jumped $5 in trading 31,149 shares to end at a 52 weeks’ closing high $70, Sagicor Group with 300,003 shares and closed 1 cent higher at $14.02, Salada Foods with 20,780 shares, closed 1 […]

  9. […] $31.50. Pan Jamaican traded just 1,539 shares at $65, to gain $2.49 for a 52 weeks’ closing high, Sagicor Group with 9,000 shares, closed 49 cents lower at $14.01, Sagicor Real Estate Fund with 135,265 shares, […]

  10. […] shares, Pan Jamaican Investments traded 20,500 shares at the end at $63 with a gain of $1.44. Sagicor Group with 368,858 shares closed 1 cents higher at $13.16, Sagicor Real Estate Fund with 46,000 shares […]

  11. […] Kingston Wharves ended with a gain of 38 cents, to close at $7 with 301,000 shares changing hands. Sagicor Group with 1,659,265 shares trading, closed at $13.05, with a 5 cents rise, Scotia Group added 10 cents in […]

  12. […] Commercial Bank had 81,100 units changing hands and ended at $27.76 while losing just 1 cent, Sagicor Group with 80,000 shares trading, closed 1 cent higher at $12.82, Scotia Group traded 52,000 shares to […]

  13. […] to 961.97. The main trades so far are, Caribbean Cream has traded 440,000 shares at $1.65 and Sagicor Group traded 173,580 units at […]

  14. […] at $7.80, Radio Jamaica ended with 14,445 units changing hands with a3 cents gain to end at $3.08. Sagicor Group with 6,589 shares trading, closed for 45 cents lower at $12.55, Scotia Group traded 27,614 shares […]

  15. […] shares changing hands at $7.65, National Commercial Bank traded 136,629 shares and closed at $30, Sagicor Group with 22,400 shares changing hands, closed at $12.70 with a 20 cents increase. Scotia Group traded […]

  16. […] just 53,230 shares and closed with a fall of 56 cents at $27.50, after it traded earlier at $30. Sagicor Group with 13,000 shares changing hands, closed with a gain of 43 cents at $13, Scotia Group traded […]

  17. […] at $61 with 802,473 units changing hands, Radio Jamaica traded 37,900 shares unchanged at $3.01, Sagicor Group with 2,973,500 shares changing hands, closed 5 cents higher at $13. Scotia Group traded 198,010 […]

  18. […] at $75, Pan Jamaican Investment closed at $60.70 after trading 1,539 shares with a loss of $1.30. Sagicor Group with 1,077,602 shares changing hands, closed 50 cents up, at $13.50, Sagicor Real Estate Fund gained […]

  19. […] to end at 45 cents, Radio Jamaica traded just 20,296 shares to end at $3.95, for a 5 cents fall, Sagicor Group ended trading with 46,300 units at $13 to fall by 10 cents. Sagicor Real Estate Fund closed at $8.30 […]

  20. […] Investments closed at 19 US cents after gaining 1.50 US cents with 255,000 shares changing hands, Sagicor Group ended trading with 30,528 units at $13.10 to add 5 cents. Sagicor Real Estate Fund closed at $8.30 […]

  21. […] National Commercial Bank had 75,894 shares trading and closed with a 25 cents gain to end at $30, Sagicor Group ended trading with 169,015 units at $13, Sagicor Real Estate Fund closed at $8 while trading 584,560 […]

  22. […] at a new 52 weeks’ high of $63.51 with only 5,000 shares but traded at $63.75 during the day. Sagicor Group in trading 1,773,139 shares, ended up 10 cents higher at $12.40 at the close. Sagicor Real Estate […]

  23. […] accounted for 2.27 million shares. Cable & Wireless traded 830,959 units at 44 cents and Sagicor Group traded 689,489 shares at $12.15 to be the noted trades so far. Caribbean Cream traded at a new […]

  24. […] There are three new 52 weeks’ highs with Caribbean Cream traded at an all-time high of $1.85, Sagicor Group and Jamaica Broilers traded at a new 52 weeks’ high of $12.50 and $5.75 respectively. The main […]

  25. […] of $6.50 and now has a bid at $6.55, Caribbean Cream traded at a new all-time high of $1.75 and Sagicor Group traded at $12.35 for a new 52 weeks’ high and KLE Group traded at 70 cents for a new […]

  26. […] down 24 cents, 138 Student Living traded 12,202,200 stock units and lost 40 cents to end at $4. Sagicor Group had 16,457 shares trading with a gain of 24 cents to end at a new 52 weeks’ high of $12.30, the […]

  27. […] Jamaica gained 15 cents to end trading with 40,700 units at $2.75, for anew 52 weeks’ high. Sagicor Group closed with 1,471,642 shares at $12, after shedding 15 cents, Sagicor Real Estate Fund finished […]

  28. […] 41 cents higher for a 52 weeks high of $9.50. National Commercial Bank traded 72,619 shares at $30, Sagicor Group exchanged 16,187 units at $12.10 with a gain of 10 cents, Salada Foods traded 5,910 units and put on […]

  29. […] 10 cents, at $2.75, National Commercial Bank ended unchanged at $30, in trading 126,642 units, Sagicor Group had dealing in 157,550 units and ended at $12.10, with a 10 cents increase. Scotia Group contributed […]

  30. […] weeks’ high of $30.08. Pan Jamaican Investment price fell $3 with only 885 units trading at $57, Sagicor Group had 290,390 shares and closed 21 cents higher for a new 52 weeks’ high of $11.01. Scotia Group […]

  31. […] cents. Pan Jamaican Investment traded just 500 shares to close with a gain of 75 cents at $56.03, Sagicor Group traded 34,338 units at $10.61, to record a gain of 6 cents, Scotia Group had 30,477 shares trading, […]

  32. […] being the major buyer of them. Radio Jamaica traded 13,372 shares at $2 to gain 25 cents, Sagicor Group traded 66,350 shares to close at $10.55 while gaining 10 cents in the process but traded as high as […]

  33. […] trading at $55.10, followed by Proven Investments closed with 20,151 unchanged at 18 US cents, Sagicor Group with 202,495 at $10.50, Scotia Group traded 25 cents higher at $22.25 having traded as low as $22 […]

  34. […] bought by Stocks and Securities on behalf of clients, the selling broker was Proven Investments. Sagicor Group traded 2,288,352 shares, between $10.45 and $10.50 but closed at $10.50 for a small gain, National […]

  35. […] on the Jamaica Stock Exchange is off to a moderate start up to 10:45 Friday and was dominated by Sagicor Group trading 2,226,502 between $10.45 and $10.50, while National Commercial Bank traded 673,941 shares at […]

  36. […] as $25 and ending with 679,541 units on the offer at $25.50, with bids for 62,175 units at $25.01. Sagicor Group had 56,189 units trading to close 30 cents higher at $10.50 after trading as low as $10.25, at the […]

  37. […] traded with a gain of 1 cent to $7.06, but traded at a new 52 weeks high during the day of $7.99, Sagicor Group finishing with 104,619 shares while gaining 2 cents to $10.50 and Scotia Group closing with 1,000 […]

  38. […] parties at Jamaica Broilers sold a total of 10,236,510 shares on January 28 and February 12. Sagicor Group had a senior manager purchasing 246,944 shares on March 18 and two senior managers purchased a total […]

  39. […] at $2.36, National Commercial Bank had 56,063 shares changing hands for 88 cents loss to $24.11 and Sagicor Group contributing 321,714 shares to trading at 4 cents lower to $10.51. Preference| Jamaica Money Market […]

  40. […] main indices as trading levels were subdued, with a mere 749,000 shares traded in the main market. Sagicor Group with 321,714 units changing hands closing at $10.51 was majo9r trade for the day, Grace Kennedy […]

  41. […] traded in the main market accounting for 7.22 million units with a value of $70.5 million. Sagicor Group had 5 million units changing hands at $10.50 and $10.57 and closed at $10.55. Jamaica Money Market […]

  42. […] gain of 1.63 points and JSE Combined Index finished at 84,018.00 with an increase of 5.70 points. Sagicor Group closed at a new 52 weeks’ high of $10.62 while exchanging 222,193 […]

  43. […] The last traded prices of stocks with losses at the end of trading in the main market are, Sagicor Group concluding trading with 115,500 units as the price slipped 2 cents to$10.50 and Sagicor Real Estate […]

  44. […] Jamaica Money Market Brokers in exchanging 306,475 units, ended with a decline of 1 cent to $7.10. Sagicor Group had dealing in 2,143,526 shares trading with a loss of 8 cents to […]

  45. […] Bank trading to close at $25 with more than a half of the volume trading at the closing price and Sagicor Group had trading in more than 2 million shares, to end at $10.42 with no stock on offer at the close. The […]

  46. […] segments. Gleaner Company accounted for the bulk of the shares trading with 8 million units while Sagicor Group and Scotia Group each accounted for more than 1 million units. Main Market| The JSE Market Index […]

  47. […] cents to 91 cents. Jamaica Broilers finishing with 8,008 shares trading lower by 4 cents, to $4.06, Sagicor Group in trading 532,911 shares lost 15 cents to $10.30 and Scotia Group finishing trading with 48,092 […]

  48. […] $6.50, Pan Jamaican Investment finished with 20,000 shares trading, while adding 1 cent to $53.51. Sagicor Group in closing with 2,000 units ended with an increase of 10 cents to $10.50, Scotia Investments […]

  49. […] close $1.95, Proven Investments ending with 17,450 shares trading, to finish at 18.5 US cents and Sagicor Group finishing with 410,514 units trading at $10.25. Declines| The only stocks closing with a loss at […]

  50. […] hands to close $7.50, Proven Investments ended trading with 1,310 units trading at 19 US cents, Sagicor Group closed with 79,372 shares changing hands at $10.25, Sagicor Real Estate Fund concluding trading with […]

  51. […] to $6.90, Proven Investments trading 11,000 shares, trading lower by 0.2 cents to 19 US cents, Sagicor Group closed with 3,200 shares changing hands to close 15 cents to $10.25 and Supreme Ventures finished […]

  52. […] with 3,533 shares trading at $62, Proven Investments in trading 2,420 shares closed at 21 US cents, Sagicor Group closed with 62,506 shares trading at $10, Sagicor Real Estate Fund had 66,350 units trading at $6.70 […]

  53. […] with 35,970 units changing hands to close 0.02 cent higher at 21.02 US cents, new all-time high and Sagicor Group closed with 20,820 shares trading with a gain of 5 cents at $10.20. Firm| The stocks in the main […]

  54. […] Money Market Brokers finished with 68,640 ordinary shares trading lower by 60 cents, to $6.51. Sagicor Group ended with 12,100 shares trading lower by 12 cents to $9.91 and Seprod closing with 13,574 units […]

  55. […] Commercial Bank had 1,337,635 shares changing hands to close with a gain of 49 cents to $18.50. Sagicor Group finished trading with 12,500 units changing hands to close 20 cents higher at $10.20, Sagicor Real […]