While many financial institutions have reported a fall in fortunes with recent earnings reports, Barita has managed to buck the trend reporting a significant uptick in revenues more so in net profit for the quarter ended June 30, 2024.

For the period under review, Barita reported a revenue figure of J$2.1 billion, an 11 per cent increase on the corresponding period for 2023. This generated a net profit of $J981 million, almost doubling what was booked in the prior year.

Barita has been able to aggressively contain and manage its expenses while at the same time see its treasury, trading and brokerage business come storming back.   According to the consolidated profit and loss statement, here was a massive jump in net interest income to $192,694  million from just $62.3 million posted for Q3 last year. Barita made it big with gains on investment activities ( $655.5 million) in Q3, 2024. This was largely due to interest rates remaining stable over the last several months.

A recent restructuring exercise has had a significant impact on cost containment as Barita sheds fat during an inhospitable period characterised by elevated interest rates and inflation. Efficiency and cost management has been its watchwords. Now that it is coming out of that challenging environment, it is reaping the dividends of this strategy. Its unaudited report for the 3-month period ended June 30, 2023, saw operating expenses ballooning to over $1 billion. Now that is down to $866 million for the quarter under review. 

 Barita continues to look to diversify its revenue arms and has made investments in its alternatives business more particularly real estate. 

For the nine-month period, 2024, Barita posted net operating revenue of $7 billion, a fall of $349 million compared to the same period in 2023. This generating a net profit of $2.9 billion Total shareholder’s equity came in at $36.2 billion while total assets climbed to $135 billion. Return on average equity for the nine-month period was 10.8 per cent. Non-interest expenses for the first nine months of financial year 2024 fell to $3.2 billion due in part to a reduction in administration costs.

Cash flows from investing activities rebounded with marketable securities weighing in with $$917 million. For the nine month period of 2023 saw cash flows here down $11.2 billion

Earnings per share year to date stands at $2.41