November 14, 2025
VM Investments Limited (VMIL)
Unaudited financials for the nine months ended September 30, 2025:
VM Investments Limited (VMIL) for the nine months ended September 30, 2025, reported a 1% increase in Interest Income totaling $1.31 billion compared to $1.29 billion in the corresponding period last year. Interest Income for the third quarter had a 5% increase to close at $440.63 million compared to $420.77 million for the comparable quarter of 2024.
Interest Expense amounted to $1.13 billion (2024: $1.17 billion), this represents a decrease of 4% year over year. Consequently, net interest income increased by 58% to $186.59 million compared to $118.10 million for the nine months ended September 30, 2024. The company booked net interest income of $31.64 million for the third quarter versus $39.49 million reported for the similar quarter of 2024.
Gains from investment activities decreased by 33% to close at $742.95 million (2024: $1.12 billion), while Net fees and commissions increased by 13% from $724.37 million in 2024 to $819.76 million in the period under review. As a result, other operating revenue for the nine months ended September 30, 2025 amounted to $1.61 billion, a 15% decrease relative to $1.89 billion reported in 2024.
Net interest income and other operating revenue for the nine months ended September 30, 2025, amounted to $1.80 billion, a 10% decrease relative to $2.01 billion reported in 2024. Net interest income and other operating revenue for the third quarter amounted to $511.21 million (2024: $600.28 million).
Total operating expenses totalled $1.88 billion a 32% increase from the corresponding period last year. (2024: $1.43 billion).
Profit before taxation for the nine months ended September 30, 2025, amounted to $55.05 million, a 108% decrease relative to $658.95 million reported in 2024. Profit before taxation for the third quarter amounted to $4.18 million (2024: $142.42 million).
Taxation credit for the nine months ended September 30, 2025, amounted to $73.13 million (2024: Tax charge of $11.74 million). As such, Net Profit for the nine months amounted to $18.08 million, a 97% decrease from the $647.21 million reported in 2024. For the third quarter, Net Profit was $57.29 million (2024: $113.61 million).
“VMIL’s performance for the period reflects underlying strength in its core operations despite the absence of the prior year’s exceptional gain from the Carilend divestment. Normalized results highlight robust revenue growth driven by strong investment activity, higher advisory fees, and increased transaction-based income, supported by disciplined cost management and improved market stability in the latter part of the period. Enhanced net interest income and consistent growth in fees and commissions underscore the effectiveness of the Company’s diversified revenue strategy,” according to management.
Consequently, Earnings Per Share for the nine months amounted to $0.01 (2024: EPS: $0.43), while Earnings Per Share for the quarter totaled $0.04 (2024: EPS: $0.08). The twelve-month trailing LPS was $0.05, and the number of shares used in these calculations was 1,500,025,000.
Notably, VMIL’s stock price closed the trading period on November 13, 2025, at a price of $2.38.
Balance Sheet Highlights
The company’s assets totalled $32.97 billion (2024: $30.03 billion). The movement in total assets was primarily influenced by increases of $2.14 billion in Investment Securities and $1.91 billion in Resale Agreements as well as a $1.40 billion decline in Loans.
Shareholder’s equity was $3.13 billion (2024: $3.14 billion), representing a book value per share of $2.09 (2024: $2.09).
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