BIL reported net loss of $38.77 million for first quarter ended Dec 2017

February 16, 2018                          

Interest income declined marginally by 6% during the three month period, amounting to $254.95 million relative to $270.27 million for the comparable period in 2016. Interest expense also declined to close at $174.17 million compared to $193.12 million in 2016. As a result, net interest income increased by 5% to $80.78 million relative to $77.16 million in 2016.

 Dividend Income fell 33% to total $2.13 million compared to the $3.20 million earned for the first three months ended December 31, 2016. Gains on sale of investment fell by 34%, to $14.27 million (2016: $21.61 million), while Fees & Commissions Income rose by 11%, to close at $117.11 million (2016: $105.18 million).

 Foreign exchange trading and translation amounted to a loss of $54.60 million compared to gain of $4.68 million recorded in the previous year. 

 Administrative Expenses for the period amounted to $77.82 million, increasing 15% from $67.76 million in 2016. Staff costs for the quarter rose 10% from $80.50 million book in 2016 to $88.57 million.

 Notably, BIL reported zero Impairment of available-for-sale investment for the first quarter relative to $20 million in 2016. Profit before Taxation slid 112% to loss of $5.31million compared to a profit of $43.76 million the prior year.

 Consequently, the company reported Net loss of $38.77 million, relative to the profit of $15.59 million booked in 2016; this followed taxation of $33.46 million (2016: $28.16 million).

 Loss per Share for the first quarter ended December 31, 2017 totalled $(0.09) relative to an earnings per share of $0.03 in 2016. The trailing earnings per share amounted to $0.33. The number of shares used in our calculations amounted to 445,001,824 units. BIL stock price closed the trading period on February 15, 2018 at $8.45.

 Balance Sheet at a glance:

As at December 30, 2017, total assets amounted $16.45 billion (2016: $15.31 billion), a $1.14 billion improvement as a result of the growth in “Pledged Assets” which increased by 87% to a total of $8.06 billion (2016: $4.31 billion).

Shareholders’ Equity amounted to $2.95 billion relative to $2.75 billion in 2016 resulting in a book value per share of $6.63 relative to $6.16 in 2016.


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