Barita’s net profit for the 12 months ended September 30, 2022, stands at $4.1 billion which is a slight increase over the $4 billion generated last year. They also reported a nine percent increase in operating revenue last year during the same period, the current period generated J$9 billion.
Net interest income increased by 8 percent to $1.7 billion. Barita’s total assets under management amounted to $337 billion. Additionally, it also saw a 22 percent increase in its total assets which climbed to $110 billion.
Total shareholder’s equity for the year stood at $32.3 billion while earnings per share was $3.44.
Non-interest income increased by 10 percent to $7.2 billion on a year-over-year basis.
Fees and Commission Income declined by 3 percent to $3 billion.
Expenses for the year 2022 grew by 25 percent to $3.8 billion, there has a sharp rise in staff expenses which came in at $1.7 billion over last year’s figure of $1.2 billion. Administration costs also increased by 29 percent to $2 billion.
The company made it clear that such an increase in operating expenses is essential to achieve key strategic growth initiatives.
“The increase in operating expenses reflects investment in the capabilities required to execute the strategic growth initiatives that we have previously communicated,” the company said on this issue.
Barita’s Chairman Mark Myers is quite satisfied with the performance for the year given the challenges the core business had to deal with.
“Despite the current headwinds, which were preceded by the effects of COVID, our profits increased for a fourth straight year. Our success was largely attributable to investments made in real estate and private equity which enhanced returns and provided much-needed diversification as values of traditional assets weakened.” He said.
