For Jan to Mar 2021
○ All segments beat last's year revenue and profits👏
○ Net profit attributable to shareholders for Q1 2021 was J$1.65 billion, up 25.6% or J$337.3 million
○ That's impressive
○ Mgmt says the results indicate additional gains in their operating margins & this is a continuation of their strong results
○ Sales up 8.8%
○ We highlighted it on Instagram yesterday and @dgwheby took the hint and mentioned the increased sales of Tastee Cheese and the rebound in sales that they are seeing 👌
• Produced a solid performance for Q1, says Mgmt
• Net profit to shareholders of $2.91 billion vs $1.88 billion for 2020
• Insurance businesses saw strong new business and portfolio growth
Last year’s results were adversely impacted by
• significant unrealized capital losses
• expected Credit Losses (ECL)
• impairment charges and
• share of loss from the investment in Associate (Playa) as COVID-19 shocked financial markets
Investment Banking segment showed strong profitability this quarter
• Contributing $651.67 billion (excluding the share of AGIC earnings) to the Group
• a 22% improvement over prior year👌
• Only other segment to grow was Commercial Banking
• Others declined