May 29, 2023
Net interest income decreased by 65% to $360.23 million (2022: $1.03 billion). For the quarter, Net interest income decreased by 75% to $139.48 million (2022: $555.03 million).
Net Operating Revenue increased by 23% to $5.53 billion (2022: $4.55 billion). For the quarter, Net Operating Revenue increased by 25% to $3.11 billion (2022: $2.48 billion). Of this, Gains on investment activities for the six-month period jumped to $3.26 billion relative to $922.04 million booked in 2022.
Total Expenses increased by 26% to $2.18 billion (2022: $1.74 billion). For the quarter, Total Expenses increased by 9% to $1.1 billion from $1.01 billion in 2022. Notably, the Company’s administration expense increased by 55% during the six months ended March 31, 2023 and was the main driver of the expense increase.
Operating Profit increased to $3.35 billion (2022: $2.81 billion). For the quarter, operating profit amounted to 2.01 billion, up from the $1.47 billion reported in 2022.
Net Profit increased to $2.58 billion from $2.28 billion in 2022. For the quarter, Net Profit increased by 23.7% to $1.51 Billion (2022: $1.21 billion).
Earnings Per Share (EPS) amounted to $2.11 (2022: $1.87). For the quarter, EPS amounted to $1.24 (2022: $0.99). The trailing-twelve-month EPS is $3.70. The number of shares used in the calculations is 1,220,388,243. Barita’s Stock Price closed the trading period on May 12, 2023 at $77.00 with a corresponding P/E ratio of 20.95x.
Management noted, “The first half of FY 2023 reflects the positive impact of the company’s deliberate exposure to alternative investments. This exposure was particularly critical towards the end of the March quarter when significant market volatility arose because of banking turmoil in the US and in Europe.”
Balance Sheet Highlights:
Total assets as at March 31, 2023 increased 17% to $120 million (2022: $102 million). This movement was primarily due to a 30% increase in ‘Pledged Assets’ to $74.85 million (2022: $57.64 million).
Shareholders’ equity as at March 31, 2023 decreased 4% to $36.1 billion (2022: $37.54 million) resulting in a book value per share of $29.59 (2022: $30.76).
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