Sagicor Bank, Jamaica’s third-largest commercial banking entity, continues to make gains and has its competitors looking over their shoulders.

Sagicor Group Jamaica’s unaudited report for the third quarter ended September 30, reveals that the commercial bank produced a net profit of J$2.94 billion (2024: $2.52 billion). It recorded a 13 per cent increase in revenue, supported by higher net interest income and larger transaction volumes on its card payment portfolios. 

The loan portfolios continued to grow, with J$27.46 billion in new loans written, contributing to a J$1.52 billion increase in interest income. Deposits and other funding liabilities grew by J$20.02 billion (2024: J$7.90 billion) during the nine-month period.

This performance was driven by Sagicor Bank’s CEO, Chorvelle Johnson-Cunningham, leading the charge.

In February of this year, Johnson addressed an audience at a Sagicor mingle at the Rock Hotel and made it clear that she has instructed her team to get out of the office and meet with clients, find out their needs. This approach is paying off. She has presided over a much tighter ship.

Chorvelle is never one to blow her own trumpet, preferring her results to speak for her, but she must be commended here for making Sagicor Bank a force in the sector.

She is not content to settle for a distant third position and to concede market share to the behemoths, Scotia and NCB. It’s full steam ahead to take market share from them by offering innovative products and being more accommodating to clients.

Since Chorvelle’s arrival at Sagicor Bank from Proven almost eight years ago, she has undoubtedly upped the ante.  She heads a motivated team that wants to compete and win. Sagicor Bank is making an impact with SMEs and many now view it as their first port of call for finance. Under her tenure, Sagicor Bank has seen greater transaction volumes in its card payment and loan portfolios. 

Earlier this year, Sagicor opened its ‘Phygital’ branch at Up Park Camp in Kingston, the first commercial bank branch to operate on a military base in the Caribbean.