August 15, 2023

Barita Investments Limited (BIL) for the nine months ended June 30, 2023, reported net interest income decreased by 70% to $422.55 million compared to $1.39 billion for the nine months ended June 30, 2022. The company booked net interest income of $62.33 million for the third quarter versus $359.85 million reported for the similar quarter of 2022.

• Fees and Commission Income for the nine months ended June 30, 2023 amounted to $2.73 billion (2022: $2.52 billion).
• Foreign Exchange Trading and Translation Gains for the nine months ended June 30, 2023, amounted to $431.22 million (2022: $602.87 million).
• Gain on Sale of Investments for the nine months amounted to $3.70 billion (2022: $2.65 billion).
• Other income for the nine months ended June 30, 2023 amounted to $99.26 million (2022: $63.77 million).

Staff Costs increase by 12% to close at $1.30 billion (2022: $1.16 billion), while Administration increase by 48% from $1.44 billion in 2022 to $2.14 billion in the period under review. Impairment/ expected credit loss for the nine months ended June 30, 2023, amounted to $136.50 million, relative to a gain of $92.76 million reported in 2022.

Total Expenses for the nine months ended June 30, 2023, amounted to $3.31 billion, a 22% increase relative to $2.70 billion reported in 2022. Total Expenses for the third quarter amounted to $1.12 billion (2022: $961.34 million). Share of results of associated  company totalled $68.61 million a 9% decrease from the corresponding period last year. (2022: $75.30 million).

Profit Before Taxation for the nine months ended June 30, 2023, amounted to $4.15 billion, a 10% decrease relative to $4.60 billion reported in 2022. Profit Before Taxation for the third quarter amounted to $749.66 million (2022: $1.75 billion).

Taxation for the nine months ended June 30, 2023, reached $1.07 billion (2022: $766.67 million) . Net Profit for the nine months amounted to $3.08 billion, a 20% decrease from the $3.83 billion reported in 2022. For the third quarter, Net Profit was $504.02 million (2022: $1.55 billion).

Consequently, Earnings Per Share for the nine months amounted to $2.53 (2022: EPS: $3.18), while Earnings Per Share for the quarter totaled $0.41 (2022: EPS: $1.28). The twelve-month trailing EPS was $2.71, 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 15, 2023, at a price of $74.90 with a corresponding P/E ratio of 27.62x.

Balance Sheet Highlights

The company’s assets totalled $124.10 billion (2022: $109.93 billion). The increase in assets was due mainly to a $12.17 billion increase in Pledged assets to total $67.77 billion.

Shareholder’s equity was $35.51 billion (2022: $37.40 billion), representing a book value per share of $29.09 (2022: $30.65).

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