April 23, 2021
For the year ended September 2020, net operating revenue for Barita Investment Limited amounted to $5.21 billion relative to $3.98 billion recorded for 2019, to reflect a 31% increase. Net profit after tax consequently grew to $2.76 billion, relative to the profit of $1.71 billion booked in 2019. Year to date, six months ended March 31, 2021, Barita shared that, net operating revenue amounted to $4.05 billion relative to $2.26 billion recorded for the comparable period in 2020. Net profit increased to a profit of $2.06 billion, a 104% increase when compared to $1.01 billion documented twelve months earlier.
Ms. Paula Barclay, General Manager at Barita Investment Limited highlighted that Barita’s key pillars continue to be:
- Talent acquisition
- Risk Management
- Financial Performance
In addition, the Company’s achievements in 2020 were highlighted:
- Transformational growth and stronger capital base:
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- Largest APO in Jamaica’s history of J$13.5 billion
- Capital infusion is central to the Company’s transformational growth strategy
- Growth in Investment Banking:
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- Moving from $279 million to $523 million
- Growth in Securities Trading Income
· Moving from $651 million to $1.3 billion
- Winner for Best Website Member Dealer & 1st Runner up- Best Website Main Market at the Jamaica Stock Exchange Best Practice Awards held in December 2019
- There was a 60% year over year growth in Funds under Management to $290 billion from $182 billion
- The launch of IPO Platform B.O.S.S.
- Maintaining position as the dominant social media outfit in the financial services industry
Moreover, looking ahead for the 2021/2022 financial year, BIL plans to:
- Open two new locations: New Kingston and in Montego Bay in May 2021
- This is to house the new divisions, new team members and also new customers. Barita also noted that they are, “exploring more options regarding location at this time.”
- Improve Digital Engagement by updating the B.O.S.S. system and website
- Information Technology
- Implement Frictionless Processes to make processes easier for client interaction
The Company also shared that it is open to inorganic growth opportunities like acquisitions as well as other opportunities. Moreover, more deal making businesses will be coming shortly.
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