Published in the Jamaica Observer
PROVEN Investments Limited posted a 24 per cent increase in its net profit.
This investment bank saw its net income rise to US$3.1 million for the nine months ended December 31, 2012, from US$2.5 million.
Consolidated net revenue increased 27 per cent to US$6.96 million, with net interest income combined with dividend income totalling US$3.5 million for the review period.
Gains from securities trading, which form a key part of its portfolio positioning strategy, rose 19 per cent to US$2.68 million as security prices rebounded across the globe.
Operating expenses increased during the period to US$3.66 million from US$2.8 million. This largely reflected a 14 per cent gain in administrative expenses to US$2.69 million, primarily due to the inclusion of Asset Management Company Limited.
Proven’s asset base increased to US$150 million from US$140 million a year earlier, while shareholder equity stood at US$35 million at the end of 2012.
Proven primarily holds tradable securities for investment purposes.
It also pursues wealth creation opportunities consistent with its overall aims and objectives which include providing ordinary shareholders with international and regional diversification, strong risk management, and above average returns.