Interest Income for the period increased to $124.23 million from $92.43 million the previous year, a 34% increase. While for the second quarter interest income amounted to $61.69 million relative to $48.46 million in 2016.

Interest Expenses amounted to $73.89 million, up 30% from $56.74 million for the corresponding period in 2016.

Consequently, net interest income rose 41% to $50.34 million, up from $35.69 million in the corresponding period of 2016.

Other operating income declined by 44% to total $22.77 million relative to $40.35 million in 2016. While administrative expenses increased by 20% to close at $42.64 million (2016:$35.57 million).

Share of net profit from joint venture accounted for using the equity method amounted to $74,000 relative to nil the year prior.

As such, pre-tax profit closed at $30.54 million for the six months ended June 30, 2017, 25% less than the $40.47 million booked in 2016.  No taxes were incurred for the period and as such net profit attributable to shareholders amounted to $30.54 million, relative to net profit of $40.47 million in 2016. While second quarter net profits amounted to $14.61 million relative to $29.91 million in 2016.

Earnings per share for the six months ended June 30, 2017 totalled $0.16 compared to $0.21 for the corresponding period in 2016 while earnings per share for the quarter amounted to $0.08 (2016: $0.16). The trailing twelve months EPS is $0.50. The total amount of shares outstanding used for this calculation was 1,283,122 units.

Balance Sheet Highlights:

As at June 30, 2017, total assets amounted to $2.45 billion, 21% more than last year’s $1.69 billion in 2016.

Shareholder’s Equity increased by 4% for six months period, totaling $683.98 million compared to the previous year’s total of $658.76 million, this resulted in a book value per share of approximately $3.55 relative to $3.42 in 2016.

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