Durrant Pate/Contributor

VM Financial Group is reporting a strong financial performance for 2024 with net profit surging by 174% to $1.59 billion, amid a mixed global economic landscape.

The stronger performance at VM Financial Group, which consolidates the results of all its regulated financial subsidiaries, reflects broad-based profitability across the Group’s core business units. Meanwhile, VM Building Society posted a net profit of $937.1 million and revenue of $10.73 billion, a 32% increase over 2023. 

Deposits grew by $9.62 billion to $151.54 billion while loans increased by $4.54 billion to $124.16 billion, both reflecting steady average annual growth of over 9% in the past five years. VM Pensions Management reported a 30% increase in operating revenue and a more than 260% rise in net profit. 

Funds under management rose by 12.4% to $70.6 billion, reinforcing the entity’s strength in the retirement planning and pensions space. VM Investments Limited delivered a net profit of $555.7 million, supported by disciplined portfolio management and positive contributions from private equity investments.

Performance of other subsidiaries

In the UK, VM Finance continued to solidify its presence in the commercial property market, disbursing £31.17 million in loans, an increase of 19% year-over-year, and achieved a 35% rise in revenue. Since its inception in 2018, the company has provided over £200 million in financing to the UK property market.

VM Money Transfer Services expanded its market share to 9.43% of remittance transactions. The service expanded its network of global partners and recorded consistent growth in direct-to-account transfers, achieving a 34% transaction migration rate in 2024.

In the local real estate market, VM Property Services saw gross revenue grow by eight per cent year-over-year, continuing its role as a leading player in real estate, property valuation and commercial property management. With these strong results in hand, the VM is turning its attention to executing key strategic priorities in 2025, including the implementation of its efficiency programme, expansion of its digital channels, and deepening Member engagement across all markets.

Key markets impacted by global uncertainty

While inflation generally eased across VM’s key markets – Jamaica, Barbados, the United States, Canada and the United Kingdom – uncertainty persisted due to geopolitical shifts. In Jamaica, economic activity slowed, due in part to the impact of Hurricane Beryl, though inflation remained within the Bank of Jamaica’s target range of 4-6%.

“Despite external headwinds, VM Group has remained focused on delivering value for our Members while accelerating our strategic growth priorities,” Group President & CEO Courtney Campbell told shareholders. Continuing, he remarked, “We are seeing the tangible results of our efforts to modernise, grow our customer base, and enhance our core business lines. These outcomes reflect a strong and resilient institution positioned to continue empowering Jamaicans at home and abroad.”

“This is a moment of transformation and focus for VM,” Campbell said, “as we navigate a complex global environment, we are sharpening our operations, delivering on our purpose, and creating new avenues for our Members to grow and thrive.”