August 17, 2026

Barita Investments Limited (BIL)
Unaudited financials for the nine months ended June 30, 2026:

Barita Investments Limited (BIL) for the nine months ended June 30, 2026, reported an 18% increase in Interest Income totalling J$6.29 billion compared to J$5.32 billion for the corresponding period of 2025. Interest Income for the third quarter rose 25% to close at J$2.08 billion relative to J$1.66 billion for the comparable quarter of 2025.

Interest cost of Repurchase Agreements amounted to J$5.24 billion (2025: J$4.84 billion), an increase of 8% year over year. Consequently, Net Interest Income more than doubled, advancing 116% to J$1.05 billion compared with J$485.05 million for the nine months ended June 30, 2025. The Group booked Net Interest Income of J$112.43 million for the third quarter, a 9% increase versus J$103.24 million reported for the similar quarter of 2025. Management noted that the performance benefited from the consolidation of Barita Fund Managers Limited and the downward repricing of certain funding costs.

Fees and Commission Income was relatively flat at J$3.02 billion (2025: J$3.03 billion), a marginal reduction of 0.5%, as lower investment banking fees were largely offset by higher asset management fees in line with a growing recurring fee base. For the quarter, Fees and Commission Income declined 15% to J$999.26 million (2025: J$1.18 billion).

Gain on investment activities surged 157% to J$5.87 billion relative to J$2.29 billion booked in the prior year period, comprising gains on the sale of investments as well as fair value gains on the Group’s equity portfolio and other investments. For the third quarter, gains on investment activities amounted to J$4.00 billion, a 285% increase relative to J$1.04 billion in the comparable quarter of 2025.

Foreign exchange trading and translation gains contracted 90% to J$33.39 million (2025: J$346.64 million), principally reflecting a J$318.7 million adverse movement in translation results, partly offset by a 4% increase in Cambio income to J$134.50 million. For the quarter, foreign exchange trading and translation gains amounted to J$46.40 million (2025: J$290.07 million). Other Income closed the nine-month period at J$120.89 million, a 2% uptick relative to J$118.38 million in 2025.

Consequently, Net operating revenue for the nine months ended June 30, 2026, grew 61% to total J$10.09 billion compared with J$6.27 billion for the corresponding period of 2025. For the quarter, Net operating revenue almost doubled, rising 95% to J$5.19 billion (2025: J$2.67 billion).

Total operating expenses for the nine months amounted to J$5.81 billion, an 80% increase relative to J$3.22 billion reported in 2025. Impairment/Expected Credit Loss charges of J$1.24 billion were recognised relative to a reversal of J$9.78 million in the prior year period, reflecting management’s reassessment of certain credit exposures subject to ongoing restructuring or remediation. Administration expenses were the secondary driver, rising 59% to J$3.25 billion (2025: J$2.05 billion), reflecting a higher administrative cost run-rate, primarily software maintenance and management costs, and discrete charges associated with a reset of the Group’s core technology modernisation programme, including an impairment of intangible assets. Staff Costs increased 11% to J$1.32 billion (2025: J$1.19 billion). For the third quarter, total operating expenses more than doubled to J$2.66 billion (2025: J$1.26 billion).

As a result, Operating Profit for the nine months ended June 30, 2026, amounted to J$4.28 billion, a 41% increase relative to J$3.05 billion reported in 2025. Operating Profit for the third quarter amounted to J$2.54 billion, an 79% increase relative to J$1.41 billion for the comparable quarter of 2025.

Share of Results of Associates reflected a loss of J$555.62 million relative to a loss of J$130.27 million in the prior year period. For the quarter, the Group booked a loss of J$547.42 million from associates versus a gain of J$4.73 million in 2025.

Consequently, Profit before Taxation totalled J$3.72 billion, a 28% increase from the J$2.92 billion reported for the nine months ended June 30, 2025. Profit before Taxation for the third quarter amounted to J$1.99 billion, a 40% increase relative to J$1.42 billion in 2025.

Taxation for the nine months amounted to J$1.02 billion, a 53% increase relative to J$670.12 million reported in 2025. As such, Net Profit for the nine months ended June 30, 2026, rose 20% to reach J$2.70 billion (2025: J$2.25 billion). Net Profit for the third quarter amounted to J$1.32 billion, a 24% increase relative to J$1.07 billion booked for the similar quarter of 2025.

Consequently, Earnings Per Share for the nine months amounted to J$2.21 (2025: EPS: J$1.84), while Earnings Per Share for the quarter totalled J$1.08 (2025: EPS: J$0.87). The twelve-month trailing EPS was J$2.84, and the number of shares used in these calculations was 1,220,388,243.

Notably, BIL’s stock price closed the trading period on August 14, 2026, at a price of J$67.49 with a corresponding P/E ratio of 23.76x.

Balance Sheet Highlights

The Group’s assets totalled J$182.98 billion (2025: J$149.72 billion), an increase of 22% or J$33.26 billion, and J$33.37 billion above the J$149.61 billion reported at the September 2025 financial year end. Notably, Investment Property led the growth in total assets, climbing to J$20.23 billion from J$230.00 million in the prior year period, while Pledged assets increased J$15.08 billion or 15% to J$114.63 billion. Securities purchased under resale agreements advanced 92% to J$1.51 billion (2025: J$785.43 million), Due from related parties rose 47% to J$3.05 billion (2025: J$2.08 billion), Receivables increased 5% to J$10.67 billion (2025: J$10.13 billion), and Marketable securities grew 3% to J$24.26 billion (2025: J$23.65 billion). Goodwill of J$561.63 million was recognised (2025: nil) following the acquisition of JN Fund Managers Limited, now rebranded Barita Fund Managers Limited, which was completed on January 19, 2026. These increases were partly offset by a J$2.88 billion or 41% decline in Loans to J$4.07 billion, a J$501.66 million or 28% reduction in Cash and bank balances to J$1.29 billion, a J$659.09 million or 30% decrease in Investment in associate to J$1.52 billion, and a J$594.38 million or 87% decline in Intangible assets to J$89.22 million.

Total Liabilities amounted to J$145.00 billion (2025: J$112.18 billion), up 29%. Securities sold under repurchase agreements increased 19% to J$106.61 billion (2025: J$89.47 billion) and represented approximately 74% of the Group’s liability structure, while Other debt facilities rose 74% to J$31.61 billion (2025: J$18.16 billion) and Payables advanced 88% to J$4.96 billion (2025: J$2.64 billion).

Shareholder’s equity was J$37.97 billion (2025: J$37.54 billion), an increase of 1%, and J$2.87 billion or 8% above the J$35.11 billion reported at September 30, 2025. This represents a book value per share of J$31.11 (2025: J$30.76).

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