BIL reports 11% increase in six months net profit

May 16, 2022

For the six months ended March 31, 2022, Barita Investments Limited (BIL) net interest income increased by 39% amounting to $1.03 billion relative to the $740.64 million for the comparable six months in 2021. Net interest income for the second quarter closed at $555.03 million (2021: $373.27 million).

Dividend Income rose significantly to total $22.32 million compared to the $629,000 earned for the six months ended March 31, 2021. Gains on investment activities rose by 17% to $922.04 million (2021: $790.81 million).

Fees & Commissions Income rose by 33% to close at $1.81 billion (2021: $1.36 billion).

Foreign exchange trading and translation gain amounted to $755.66 million compared to a gain of $1.14 billion recorded in the previous year.

Other income totalled $16.52 million versus $13.58 million recorded for the similar period in 2021. As such, net operating revenue amounted to $4.55 billion relative to $4.05 billion recorded for the comparable period in 2021. Net operating revenue for the quarter rose 21% to $2.48 billion relative to $2.05 billion reported the previous year.

Administrative Expenses for the period amounted to $949.21 million, increasing 22% from $779.40 million in 2021. Staff costs for the six months rose 23% from $592.70 million booked in 2021 to $731.26 million in 2022.

Profit before tax amounted to $2.85 billion relative to a profit before taxation of $2.57 billion in 2021. Profit before tax for the quarter improved 17% to $1.47 billion (2021: $1.26 billion).

Following taxation of $562.52 million (2021: $509.60 million), the company reported net profit of $2.28 billion, an 11% increase when compared to $2.06 billion documented twelve months earlier. Net profit for the quarter amounted to $1.21 billion (2021: $1.04 billion).

Total comprehensive income for the six months ended March 31, 2022 was $1.30 billion relative to $1.99 billion in 2021. While for the quarter, total comprehensive income closed at $651.01 million (2021: $972.43 million).

The earnings per share for the six months end March 31, 2022 amounted to $1.87 relative to the EPS of $1.69 reported in 2021. EPS for the quarter amounted to $0.99 (2021: $0.85). The trailing earnings per share amounted to $3.51. The number of shares used in our calculations amounted to 1,220,388,243 units. BIL stock price closed the trading period on May 13, 2022 at $89.78 with a corresponding P/E of 25.60 times.

Balance Sheet at a glance:

As at March 31, 2022, total assets amounted $100.88 billion (2021: $78.49 billion), a $22.39 billion improvement year over year. The growth was as a result of ‘Pledged Assets’ which increased by $13.64 billion to a total of $57.64 billion (2021: $44 billion) and ‘Marketable Securites’ which rose by $5.52 billion to $16.48 billion (2021: $10.97 billion).

Shareholders’ Equity amounted to $37.54 billion relative to $28.66 billion reported in 2021 resulting in a book value per share of $30.76 relative to $23.49 booked in 2021.



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