Net Interest Income declined by 7% or $99.45 million when compared with the same period a year ago, to total $1.03 billion. This as interest income fell by 4% to close at $2.08 billion, while interest expenses declined 1% to close the period at $1.05 billion. For the quarter Net Interest Income totaled $345.10 million (2016: $374.03 million).
Net Fees and Commission Income amounted to $1.02 billion, an 11% increase from $923.78 million booked last year. Net Foreign Exchange Trading Income totaled $22.42 million; a decrease of 41% from the $38.15 million booked in 2016, while for the quarter Net Fees and Commission amounted to $360.18 million (2016: $324.95 million).
‘Gains on financial assets classified as held for trading’ totaled $269.86 million (2016: $360.25), a decline of approximately 25%. SIJL also gained $20.09 million from other revenue, a decline of 26% million relative to $26.25 million posted in 2016. Following this, Total Operating Income decline year over year by 4% to total $2.38 billion (2016: $2.47 billion).
Total Operating Expenses for the period decreased to $1.18 billion, down 11% when compared to $1.32 billion in the corresponding period last year. The largest contributor to expenses, ‘Salaries and Staff Benefits’ fell 4% to close at $622.46 million (2016: $649.38 million). ‘Property Expenses including depreciation’ grew by 8% to $81.89 million relative to $75.87 million last year. Other operating expenses decline 29% to close the period at $302.29 million relative to $428.77 million for the prior year’s corresponding period. SIJL reported ‘Asset Tax’ of $141.17 million, 4% above last year’s $136.18 million. ‘Amortization of Intangible Assets’ climbed 8% to closed at $27.25 million relative to last year’s corresponding period of $25.31 million.
Profit before Taxation amounted to $1.20 billion (2016: $1.15 billion). Tax charges reported for the period amounted to $366.62 million, 8% more than the $339.66 million for the same period last year.
Net profit attributable to shareholders totaled $834.63 million; this represents an increase of 3% from the $813.17 million recorded in 2016. Net profit for the quarter amounted to $383.31 million (2016: $356.07 million).
Earnings per share (EPS) for the nine months totaled $1.97 (2016: $1.92), the while EPS for the quarter closed at $0.91 (2016: $0.84). The twelve month trailing EPS is $3.24. The number of shares used in this calculations was 423,194,765 units.
Total comprehensive income for the nine months amounted $873.79 (2016: $1.09 billion), while for the quarter SGJ reported $328.21 million compared to $422.43 million booked for the third quarter last year.
Balance Sheet Highlights:
As at July 31, 2017, the company’s assets totaled $69.83 billion, $160.77 million more than the $69.67 billion a year ago. The grow in assets was attributed to an increase in Investments Held to Maturity which amounted to $1.06 billion (2016: nil).
The company ended the period with equity in the amount of $15.25 billion. This is an increase of $583.46 million when compared to the shareholder’s equity of approximately $14.67 billion recorded in last year’s corresponding period. This resulted in a book value per share of $36.03 (2016: $34.65)
Disclaimer:
Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
