August 15, 2024

Barita Investments Limited (BIL) for the nine months ended June 30, 2024, reported net interest income increased by 13% to $478.83 million compared to $422.55 million for the nine months ended June 30, 2023. The company booked net interest income of $192.69 million for the third quarter versus $62.33 million reported for the similar quarter of 2023.

Fees and Commission Income for the nine months amounted to $2.88 billion (2023: $2.73 billion).

Foreign Exchange Trading and Translation Gains for the nine months amounted to $312.56 million (2023: $431.22 million).

Gain on Sale of Investments for the nine months amounted to $3.22 billion (2023: $3.70 billion).

Other income for the nine months amounted to $143.85 million (2023: $99.26 million).

Net Operating Revenue for the nine months amounted to $7.04 billion (2023: $7.39 billion).

Staff Costs decrease by 2% to close at $1.27 billion (2023: $1.30 billion), while Administration decreases by 4% from $2.14 billion in 2023 to $2.06 billion in the period under review. As a result, impairment for the nine months amounted to $145.32 million, a 6% increase relative to $136.50 million reported in 2023.

Total Expenses for the nine months amounted to $3.19 billion, a 3% decrease relative to $3.31 billion reported in 2023. Total Expenses for the third quarter amounted to $866.53 million (2023: $1.12 billion).

Share of results of associated company totalled $63.84 million a 7% decrease from the corresponding period last year. (2023: $68.61 million).

Profit Before Taxation for the nine months amounted to $3.91 billion, a 6% decrease relative to $4.15 billion reported in 2023. Profit Before Taxation for the third quarter amounted to $1.20 billion (2023: $749.66 million).

Taxation for the nine month was $1.02 billion (2023: $1.07 billion).

Net Profit for the nine months amounted to $2.89 billion, a 6% decrease from the $3.08 billion reported in 2023. For the third quarter, Net Profit was $980.50 million (2023: $504.02 million).

Consequently, Earnings Per Share for the nine months amounted to $2.36 (2023: EPS: $2.53), while Earnings Per Share for the quarter totaled $0.80 (2023: EPS: $0.41). The twelve-month trailing EPS was $2.64, and the number of shares used in these calculations was 1,220,388,243.

Notably, BIL’s stock price closed the trading period on August 14, 2024, at a price of $73.98 with a corresponding P/E ratio of 28.05x.

Balance Sheet Highlights

The company’s assets totalled $135.01 billion (2023: $124.10 billion). This resulted from a 32% rise in ‘pledged assets’ closing at $89.73 billion.

Shareholder’s equity was $36.19 billion (2023: $35.51 billion), representing a book value per share of $29.65 (2023: $29.09).

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