Sagicor profits big in all divisions as banking arm transforms

Steven Jackson

Senior Business Reporter

Financial conglomerate Sagicor Group Jamaica (SGJ) transformed the heavy loss-making RBC Jamaica – now Sagicor Bank Jamaica – acquired two years ago into a billion-dollar earner which helped to push group profit to a new record of $9.8 billion at year end December 2015.

Profit in 2014 topped $8.5 billion.

In 2015, all business segments performed better than the previous year, according to leadership duo Chairman R. Danny Williams and President and Chief Executive Officer Richard Byles in a statement accompanying the results.

Group revenues climbed to $55 billion, up 21 per cent higher year-on-year, “driven by the RBC portfolio being included for the full year in 2015 but for only six months in 2014” according to both directors. Sagicor Group acquired RBC Jamaica in 2014 for US$84 million and merged it with its existing commercial banking operations.

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