May 16, 2023
Victoria Mutual Investments (VMIL) earned Net Interest Income of $91.63 million vs $74.36 million reported twelve months earlier.
‘Other Operating Revenue’ comprising of gains from investment activities, dividend income, gains from margin loans, fees & commission rose by 13% to $347.89 million (2022: $307.80 million).
Notably, Gains from Investment Activities closed at $98.90 million, 41% higher when compared against Q1 of 2022 when the firm reported gains of $70.02 million.
Net interest income and other operating revenue amounted to $439.52 million compared to $382.16 million recorded in the prior quarter.
Staff Costs increased 39%, closing at $234.33 million (2022: $168.46 million).
Total expenses amounted to $444.76 million relative to $395.27 million booked for the corresponding quarter.
Operating loss summed to $5.25 million relative to an operating loss of $13.11 million in 2022.
Share of profit in associate totalled $29.12 million (2022: nil)
Profit before taxation amounted to $23.87 million compared to a loss of $13.11 million booked in 2022.
The investment firm incurred a tax charge of $3.96 million (2022: Tax credit of $27.22 million). VMIL reported Net Profit of $19.92 million, 41% higher than the $14.10 million recorded in Q1 of 2022.
Total Comprehensive Loss for the three months ended March 31, 2023 valued $32.63 million relative to a loss of $342.85 million in 2022.
VMIL outputs Earnings per Share (EPS) of $0.013 (2022: $0.009). On a twelve-month trailing basis, VMIL outputs an EPS of $0.47. The number of shares used in our calculations was 1,500,025,000 units. Notably, VMIL’s stock price last traded on May 15, 2023 at $3.55 with a corresponding P/E of 7.63 times.
Balance Sheet at a Glance:
As at March 31, 2023, The firm’s Total Assets was worth $28.94 billion (2022: $29.90 billion). The main contributor to the fall in total assets was a $2.54 billion decline in ‘Investment securities’ which amounted to $17.75 billion relative to $20.29 billion in 2022.
Total Equity attributable to owners of the company at the end of Q1 FY 2023 was $3.05 billion (2022: $3.34 billion); resulting in a book value per share of $2.04 (2022: $2.22).
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