January 2, 2024

Barita Investments Limited (BIL) for the year ended September 30, 2023, reported a 65% decline in net interest income to $581.19 million compared to $1.67 billion in 2022. The company booked net interest income of $158.64 million for the fourth quarter versus $284.60 million reported for the similar quarter of 2022.

• Fees and Commission Income for the year amounted to $3.40 billion (2022: $3.02 billion).
• Foreign Exchange Trading and Translation Gains for the year amounted to $604.32 million (2022: $791.51 million).
• Gain on Sale of Investments for the year amounted to $4.36 billion (2022: $3.36 billion).
• Other income for the year amounted to $61.97 million (2022: $72.64 million).

Net operating revenue for the year was valued at $9.09 billion versus $8.95 billion reported last year. Net operating revenue for the fourth quarter amounted to $1.71 billion compared to $1.73 billion in the corresponding quarter.

Staff Costs increased by 1% to close at $1.74 billion (2022: $1.71 billion), while Administration increased by 38% from $2.09 billion in 2022 to $2.88 billion in the period under review.

Total Expenses for the year amounted to $4.61 billion, a 21% increase relative to $3.81 billion reported in 2022. Total Expenses for the fourth quarter amounted to $1.31 billion (2022: $1.11 billion). Share of results of associated company totalled $95.03 million a 1% decline from the corresponding period last year. (2022: $96.17 million).

Profit Before Taxation for the year amounted to $4.58 billion, a 13% decrease relative to $5.24 billion reported in 2022. Profit Before Taxation for the fourth quarter amounted to $428.96 million (2022: $644.76 million).

Taxation for the year had a 14% increase to reach $1.16 billion (2022: $1.02 billion). Net Profit for the year end amounted to $3.42 billion, a 19% fall from the $4.22 billion reported in 2022. For the fourth quarter, Net Profit was $284.95 million (2022: $390.20 million).

Consequently, Earnings Per Share for the year end amounted to $2.80 (2022: $3.46), while EPS for the quarter totaled $0.23 (2022: $0.32). The number of shares used in these calculations was 1,220,388,243.

Notably, BIL’s stock price closed the trading period on December 29, 2023, at a price of $74.05 with a corresponding P/E ratio of 26.46x.

Balance Sheet Highlights

The company’s assets totalled $128.19 billion (2022: $109.70 billion). The increase in assets resulted from a 36% rise in ‘pledged assets’ closing at $83.72 billion.

Shareholder’s equity was $35.39 billion (2022: $32.18 billion), representing a book value per share of $29.07 (2022: $26.37).

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