February 15, 2022
For the first quarter ended December 31, 2021, Barita Investments Limited (BIL) net interest income rose by 29% amounting to $472.69 million relative to $367.38 million for the comparable quarter in 2020. “This increase was driven focused on expanding the Group’s credit and fixed income portfolios through the efficient deployment of on-balance sheet funds under management,” as per Barita.
Dividend Income fell 15% to total $381,000 compared to the $449,000 earned for the first three months ended December 31, 2020. Gains on sale of investment declined 55% to $300.79 million (2020: $669.36 million), while Fees & Commissions Income rose 9% to close at $505.53 million (2020: $465.62 million).
Foreign exchange trading and translation amounted to a gain of $784.38 million compared to a gain of $485.76 million recorded in the previous year. Other income amounted to $7.92 million, 61% up from $4.92 million booked in 2020. As such, net operating revenue amounted to $2.07 billion relative to $1.99 billion recorded for the comparable period in 2020.
Administrative Expenses for the period amounted to $364.50 million, increasing 11% from $327.42 million in 2020. Staff costs for the quarter rose 11% from $279.19 million booked in 2020 to $310.93 million in 2021.
BIL for the quarter reported $53.03 million for impairment, relative to the $72.72 million reported a year prior.
Profit before tax amounted to $1.38 billion relative to a profit before taxation of $1.31 billion in 2020.
Following taxation of $305.77 million (2020: $293.37 million), the company reported net profit of $1.07 billion, relative to net profit of $1.02 billion booked in 2020.
Earnings per Share for the first quarter ended December 31, 2021, totalled $0.99 relative to an earnings per share of $0.94 in 2020. The trailing earnings per share amounted to $3.78. The number of shares used in our calculations amounted to 1,085,603,093 units. BIL stock price closed the trading period on February 14, 2022 at $91.34 with a correspond P/E ratio of 24.14 times.
Balance Sheet at a glance:
As at December 31, 2021, total assets amounted $91.98 billion (2020: $69.94 billion), a $22.04 billion improvement as a result of the growth in “Marketable Securities” which increased by $12.97 billion to a total of $22.41 billion (2020: $9.43 billion) and “Pledged Assets” which rose by $11.44 billion to $49.06 billion (2020: $37.62 billion).
Shareholders’ Equity amounted to $36.79 billion relative to $28.50 billion in 2020 resulting in a book value per share of $44.72 relative to $34.55 in 2020.
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