​ SIJL reports a 3% decline in Net Profit for six months ended April 30, 2017

Net Interest Income declined by 6% or $44.51 million when compared with the same period a year ago, to total $683.48 million.  This as interest income fell by 7% to close at $1.37 billion (2016: $1.46 billion) while interest expenses decreased by 7% to close the period at $682.73 million (2016: $733.97). For the second quarter Net interest income amounted to $332.27 million down 8.7% from the $365.23 million reported in 2016.

Net Fees and Commission Income amounted to $663.33 million, an 11% increase from $598.83 million last year. Net Foreign Exchange Trading Income totaled $8.76 million, a decrease of 47% from the $16.58 million booked in 2016.

‘Gains on financial assets classified as held for trading’ totaled $183.45 million, a decline of 10% from the $202.95 million booked in 2016. Scotia Investments also gained $10.94 million from other revenue, a decline of 33% million relative to $16.21 million posted in 2016.  As a result, Total Operating Income declined year over year by 2% to total $1.55 billion (2016:$1.58 billion). For the second quarter Total Operating Income reported was $795.70 million down 6% from 2016 (2016: 849.74 million).

Total Operating Expenses for the period decreased to $889.19 million, down 3% when compared to $912.99 million in the corresponding period last year. The largest contributor to expenses, ‘Salaries and Staff Benefits’ fell 2% to close at $424.25 million (2016: $432.53 million), while Other Operating Expenses down 9% to close at $252.35 million (2016; 277.38 million). The company booked Asset Tax of $141.17 million compared to $136.18 million reported for the comparable period in 2016. Property Expenses for the first six months reflected a 6% increase to $53.26 million (2016: $50.02 million).

Consequently, Profit before Taxation totaled $662.77 million (2016: $666.30 million), while tax charges for the period was $221.46 million, relative to $209.20 million.

As such, Net profit attributable to shareholders totaled $451.32 million down 1% from the $457.10 million booked in 2016. Net Profit for the quarter was $301.47 million (2016: 339.26 million).

Earnings per share (EPS) for the six months totaled $1.07 (2016: $1.08) while EPS for the quarter closed at $0.71 (2016: $0.80). The twelve month trailing EPS is $3.18. The number of shares used in the calculation was 423,194,765 units.

Balance Sheet Highlights:

As at April 30, 2017, the company’s assets totaled $66.97 billion, $1.65 billion less than the $68.63 billion reported a year ago. Total liabilities were $36.64 billion compared to $40 billion in 2016.

The company ended the period with Shareholders’ Equity amounting to $15.11 billion.  This resulted in a book value per share of $35.71 (2016:$34.11.)

 

 

 

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2017-06-10T17:03:32+00:00