February 16, 2023
Net interest income declined 2% to $394.68 million (2021: $404.21 million). For the quarter, net interest income declined 18% to $89.17 million (2021: $108.65 million).
Commission expenses on loans increased 61% to $16.22 million (2021: $10.09 million). For the quarter, commission expenses on loans increased 4% to $4.89 million (2021: $4.69 million).
Gross profit declined 4% to $378.46 million (2021: $394.13 million). For the quarter, gross profit declined 19% to $84.28 million (2021: $103.96 million).
Other operating income soared to $14.39 million (2021: loss of $571,112). For the quarter, other operating income soared to $5.72 million (2021: loss of $462,232).
Total operating expenses declined 2% to $326.56 million (2021: $333.61 million). For the quarter, total operating expenses declined 24% to $78.20 million (2021: $102.83 million).
Profit before taxation increased 11% to $66.29 million (2021: $59.94 million). For the quarter, profit before taxation soared to $11.80 million (2021: $667,976).
Taxation charge increased 50% to $8.29 million (2021: $5.53 million). For the quarter, taxation charge soared to $1.48 million (2021: $83,497).
Net profit increased 7% to $58 million (2021: $54.41 million). For the quarter, net profit soared to $10.32 million (2021: $584,479).
Earnings per share (EPS) amounted to $0.55 (2021: $0.52). For the quarter, EPS amounted to $0.10 (2021: $0.01). The 12-month trailing EPS was $0.55. The number of shares used in our calculations is 105,000,000 units. Notably, ISP closed the trading period on February 15, 2022 at a price of $27.94 with a corresponding P/E of 50.58 times.
Balance Sheet Highlights:
Total assets as at December 31, 2022 amounted to $1.07 billion (2021: $772.27 million), an increase of 38% year over year. The largest contributor to this upward movement was ‘Cash & Cash Equivalent’ which soared to $255.41 million (2021: $19.56 million).
Shareholders’ equity as at December 31, 2022 was $521.14 million (2021: $463.14 million), an increase of 13% year over year. This resulted in a book value per share of $4.96 (2021: $4.41).
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