February 17, 2025

Barita Investments Limited (BIL)

Unaudited financials for the first quarter ended December 31, 2024:

Barita Investments Limited (BIL), for the first quarter ended December 31, 2024, reported a 15% increase in Net Interest Income totaling $169.18 million compared to $147.14 million in the corresponding period last year.

For the quarter ending December 31, 2024, fees and commission income hit $904.85 million, up from $812.11 million last year. Foreign Exchange Trading and Translation Loss for the period totaled $185.40 million, a significant rise from $7.43 million in 2023, while the gains from the sale of investments came in at $503.91 million, compared to $323.02 million the previous year. Other income was slightly lower at $44.46 million, down from $47.65 million in 2023. Overall, net operating revenue reached $1.44 billion, a jump from $1.32 billion in the same quarter of 2023.

Staff costs decreased by 17% to $367.41 million (2023: $442.65 million), while administration expenses rose 25% from $414.22 million in 2023 to $516.21 million for the three months. As a result, total expenses for the first quarter amounted to $761.60 million, a 9% growth relative to the $695.61 million reported in 2023.

Operating profit for the three months amounted to $691.38 million, a 5% increase relative to $660.48 million reported in 2023. Share of associated company results totaled $15.98 million, a 52% decrease from last year’s corresponding period. (2023: $33.61 million).

Taxation for the three months increased 23% to reach $140.17 million (2023: $181.16 million). Net profit for the three months amounted to $551.21 million, a 15% increase from the $479.32 million reported in 2023.

Consequently, earnings per share for the three months amounted to $0.45 (2023: EPS: $0.39). The twelve-month trailing EPS was $3.19, and the number of shares used in these calculations was 1,220,388,243. Notably, BIL’s stock price closed the trading period on February 14, 2025, at $73.50, with a corresponding P/E ratio of 23.07x.

Balance Sheet Highlights

The company’s assets totaled $139.60 billion (2023: $128.73 billion). The overall growth in the company’s asset base is driven by a 35% year-over-year (YoY) rise in investment securities, which reached $25.92 billion (up from $19.28 billion in 2023), and an 11% YoY increase in pledged assets, totaling $91.81 billion (compared to $83.02 billion in 2023).

Shareholder’s equity was $35.45 billion (2023: $36.49 billion), representing a book value per share of $29.05 (2023: $29.90).

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