Loop News
Victoria Mutual Group President and CEO Courtney Campbell
The Victoria Mutual Building Society has released its results for the year ended December 31, 2020, which show a net profit of $2.64 billion, 23 per cent above the previous year.
Revenue increased by 31.9 per cent to $14.96 billion, driven by a one-off gain from the purchase of loan receivables under the National Housing Trust (NHT) Joint Mortgage Financing Programme.
During the year, VMBS grew total assets by $7.04 billion (2.88 per cent) to $251.85 billion, reflecting growth in both on and off-balance sheet assets.
It also issued over $14.52 billion in mortgages, 24.76 per cent higher than the previous year.