December 31, 2024
Barita Investments Limited (BIL)
Audited financials for the year ended September 30, 2024:
Barita Investments Limited (BIL) for the year ended September 30, 2024, reported a 11% increase in Net Interest Income totaling $646.22 million compared to $581.19 million in the corresponding period last year. Net Interest Income for the fourth quarter had a 3% increase to close at $164.10 million compared to $158.64 million for the comparable quarter of 2023.
- Fees and Commission Income for the year ended September 30, 2024, amounted to $3.71 billion (2023: $3.40 billion).
- Foreign Exchange Trading and Translation Gains/Loss for the year amounted to $593.92 million (2023: $604.32 million).
- Gain on Sale of Investments for the year ended September 30, 2024, amounted to $4.87 billion (2023: $4.36 billion).
- Other income for the year amounted to $60.53 million (2023: $61.97 million).
Consequently, Net Operating Revenue for the year ended September 30, 2024, amounted to $10.00 billion (2023: $9.09 billion). For the fourth quarter, Net operating revenue amounted to $2.96 billion (2023: $1.72 billion).
Staff Costs decreased by 4% to close at $1.66 billion (2023: $1.74 billion), while Administration expenses decreased by 7% from $2.88 billion in 2023 to $2.68 billion in the period under review. As a result, total expenses for the year ended September 30, 2024, amounted to $4.98 billion, an 8% increase relative to $4.61 billion reported in 2023.
Operating profit for the year ended September 30, 2024, amounted to $5.01 billion, a 12% increase relative to $4.48 billion reported in 2023. Operating profit for the fourth quarter amounted to $1.29 billion (2023: $402.47 million).
Share of results of associated company totalled $24.08 million a 75% decrease from the corresponding period last year. (2023: $95.03 million).
Profit Before Taxation for the year ended September 30, 2024, amounted to $5.04 billion, a 10% increase relative to $4.58 billion reported in 2023. Profit Before Taxation for the fourth quarter amounted to $1.32 billion (2023: $428.89 million).
Taxation for the year ended September 30, 2024, had a 5% increase to reach $1.22 billion (2023: $1.16 billion). As such, Net Profit for the year amounted to $3.82 billion, a 12% increase from the $3.42 billion reported in 2023. For the fourth quarter, Net Profit was $999.33 million (2023: $332.68 million).
Consequently, Earnings Per Share for the year amounted to $3.13 (2023: EPS: $2.80), while Earnings Per Share for the quarter totaled $0.82 (2023: EPS: $0.27). The twelve-month trailing EPS was $3.13, and the number of shares used in these calculations was 1,220,388,243.
Notably, BIL’s stock price closed the trading period on December 30, 2024, at a price of $73.67 with a corresponding P/E ratio of 23.56x.
Balance Sheet Highlights
The company’s assets totalled $142.32 billion (2023: $128.19 billion). The growth in total assets during the period was driven particularly by a $5.85 billion increase in ‘Pledged assets’, a $5.21 billion increase in ‘Securities Purchased under Resale Agreements’ and also a $4.45 billion uptick in ‘Receivables’.
Shareholder’s equity was $35.30 billion (2023: $35.39 billion), representing a book value per share of $28.93 (2023: $29.00).
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