February 16, 2024

Barita Investments Limited (BIL) for the first quarter ended December 31, 2023, reported a 33% decrease in Net interest income totalling $147.14 million compared to $220.75 million for the quarter ended December 31, 2022.

• Fees and Commission Income for the quarter ended December 31, 2023, amounted to $812.11 million (2022: $660.84 million).
• Foreign Exchange Trading and Translation Loss for the three months amounted to $7.43 million (2022: Gain of $40.41 million).
• Gain on Sale of Investments for the quarter ended December 31, 2023, amounted to $323.02 million (2022: $1.47 billion).
• Other income for the amounted to $47.65 million (2022: $28.54 million).

Net Operating Revenue for the quarter ended December 31, 2023, amounted to $1.32 billion (2022: $2.42 billion).

Staff Costs increased by 23% to close at $442.65 million (2022: $360.48 million), while Administration expenses decreased by 40% from $684.72 million in 2022 to $414.22 million for the three months. Also, Expected Credit Loss for the first quarter amounted to $161.25 million, relative to gain of $37.46 million reported in 2022.

Total Expenses for the three months amounted to $695.61 million, a 36% decrease relative to $1.08 billion reported in 2022.

Share of results of associated company totalled $33.61 million, a 14% increase from the corresponding period last year. (2022: $29.48 million).

Profit Before Taxation for the first quarter ended December 31, 2023, amounted to $660.48 million, a 52% decrease relative to $1.37 billion reported in 2022.

Taxation for the three months had a 39% increase to reach $181.16 million (2022: $296.94 million). Consequently, Net Profit for the three months amounted to $479.32 million, a 55% decrease from the $1.07 billion reported in 2022.

Consequently, Earnings Per Share for the three months amounted to $0.40 (2022: EPS: $0.89). The twelve month trailing EPS was $2.35, and the number of shares used in these calculations was 1,199,836,000.

Notably, BIL’s stock price closed the trading period on February 15, 2024, at a price of $71.25 with a corresponding P/E ratio of 30.27x.

Balance Sheet Highlights

The company’s assets totalled $128.73 billion (2022: $113.94 billion). The growth in total assets was mainly due to ‘Pledged Assets’ increasing by 16% to $83.02 billion (2022: $71.31 billion).

Shareholder’s equity was $36.49 billion (2022: $34.49 billion), representing a book value per share of $30.41 (2022: $28.74).

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