Courtney Campbell, Group President & CEO, VM Group, delivers a presentation at the VM Group’s 1st Annual General Meeting on Tuesday (July 30) at the AC Hotel by Marriott.
Courtney Campbell, Group President & CEO, VM Group, address the audience at the VM Group’s 1st Annual General Meeting on Tuesday (July 30) at the AC Hotel by Marriott.
Strategic moves to diversify revenue streams as well as a restructuring of the business helped temper the effects of a tough economic climate for the VM Group in 2023.
The Group reported a net loss of $374.66 million last year, the result, in part, of higher interest costs, declines in the stock market indices and sustained inflationary pressures.
These effects were however tempered by VM’s ongoing revenue diversification strategy, which saw the business increasing its stake in associate company British Caribbean Insurance Company (BCIC) to 44.45 per cent in 2023, while retaining a 23 per cent stake in the potential-rich KPREIT.
VM’s diversified business model helped the Group to yield solid growth in on- and off-balance sheet assets of $15.44 billion and $3.24 billion respectively.
At the VM Group’s first annual general meeting held Tuesday July 30, 2024 at the AC Hotel in St Andrew, it was pointed out that the restructuring of the business, including the licensing of the VM Financial Group by the Bank of Jamaica as a financial holding company, has opened the door to new markets and business lines that were previously inaccessible.
The changes already enabled VM to raise more than $11 billion through a successful preference share offer last year, which, it was noted, will fortify current business lines and prepare the way for future expansion opportunities.
Also highlighted at the meeting was the strong performance of the Group’s United Kingdom-based subsidiary VM Finance, which ramped up efforts to provide competitive financing solutions to corporate clients in the UK in 2023. VM Finance increased specialised property lending to developers by 17.38%, from GBP52.99 million to GBP62.21 million, which generated a 48% year-over-year growth in its operating revenue.
Additionally, VM’s plans to expand its global footprint were advanced with the launch of VM Wealth Barbados, its newest business line that extends VM’s unique brand of expertise and care to the Eastern Caribbean.
VM also shared with its Members, news of significant process improvements and other enhancements, including further progress in the enterprise’s digital transformation journey. All 16 VM Building Society branches and eight VM Money Express remittance locations are now equipped with tablets for improved customer experience and shorter wait times.
Improvements to VM Wealth’s IPO Edge system and Client Portal, also added to the Group’s digital wins in 2023.
VM reported that its active membership grew 57 per cent faster in 2023 than the previous three-year average. This growth, which signals sustained confidence and enthusiasm among Members and the wider public for the VM brand, helped power more community-building work through the VM Foundation, which impacted 90,000-plus lives in 2023.
VM plans to continue its customer-focused strategies throughout 2024, with its leaders expressing enthusiasm about the prospects for the iconic enterprise to achieve unprecedented success in the months and years ahead.
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