November 15, 2022
Barita Investments Limited (BIL) for the year ended September 30, 2022, reported an increase of 8% in net interest income to $1.65 billion (2021: $1.53 billion). For the quarter, it declined 31% to $263.91 million (2021: $380.25 million).
Management noted that net interest income is fundamentally linked to both local and global monetary policy and given the uncertainty surrounding the length of the current inflation and interest rate cycle, market conditions could restrict the growth rate of it in ensuing quarters.
Dividend Income increased 198% to $104.39 million (2021: $35.09 million). Gains on sale of investment increased 111% to $3.33 billion (2021: $1.57 billion), while fees & commissions income declined 3% to $3.05 billion (2021: $3.13 billion).
Foreign exchange trading and translation amounted to a gain of $748.39 million (2021: $1.85 billion).
Administrative expenses amounted to $2.06 billion (2021: $1.59 billion), a 29% increase year over year. Staff costs increased 36% to $1.71 billion (2021: $1.26 billion).
Impairment declined 82% to $36.83 million (2021: $202.79 million).
Profit before tax increased 1% to $5.17 billion (2021: $5.12 billion). For the quarter, it declined 31% to 571.07 million (2021: $824.71 million).
Following taxation of $1.02 billion (2021: $1.06 million), net profit amounted to $4.14 billion (2021: $4.06 billion), a 2% increase year over year. For the quarter, net profit amounted to $313.90 million (2021: $389.84 million), 19% decline year over year.
Earnings per share (EPS) for the period, totalled $3.40 (2021: $3.33). The number of shares used in our calculations amounted to 1,204,279,000 units. BIL stock price closed the trading period on November 15, 2022 at $89.33 with a correspond P/E ratio of 26.30 times.
Balance Sheet at a glance:
As at September 30, 2022, total assets amounted $109.80 billion (2021: $90.21 billion), an increase of 22% year over year. This was due mainly to the growth in ‘Pledged Assets’ which increased by $11.31 billion to a total of $61.60 billion (2021: $50.29 billion) and ‘Marketable Securities’ which rose by $10.37 billion to $23.84 billion (2021: $13.47 billion).
Shareholders’ equity amounted to $32.34 billion (2021: $36.25 billion) resulting in a book value per share of $26.50 (2021: $29.70).
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