Net Interest Income declined by 7% or $99.45 million when compared with the same period a year ago, to total $1.03 billion. This as interest income fell by 4% to close at $2.08 billion, while interest expenses declined 1% to close the period at $1.05 billion. For the quarter Net Interest Income totaled $345.10 million (2016: $374.03 million).
Net Fees and Commission Income amounted to $1.02 billion, an 11% increase from $923.78 million booked last year. Net Foreign Exchange Trading Income totaled $22.42 million; a decrease of 41% from the $38.15 million booked in 2016, while for the quarter Net Fees and Commission amounted to $360.18 million (2016: $324.95 million).
‘Gains on financial assets classified as held for trading’ totaled $269.86 million (2016: $360.25), a decline of approximately 25%. SIJL also gained $20.09 million from other revenue, a decline of 26% million relative to $26.25 million posted in 2016. Following this, Total Operating Income decline year over year by 4% to total $2.38 billion (2016: $2.47 billion).
Total Operating Expenses for the period decreased to $1.18 billion, down 11% when compared to $1.32 billion in the corresponding period last year. The largest contributor to expenses, ‘Salaries and Staff Benefits’ fell 4% to close at $622.46 million (2016: $649.38 million). ‘Property Expenses including depreciation’ grew by 8% to $81.89 million relative to $75.87 million last year. Other operating expenses decline 29% to close the period at $302.29 million relative to $428.77 million for the prior year’s corresponding period. SIJL reported ‘Asset Tax’ of $141.17 million, 4% above last year’s $136.18 million. ‘Amortization of Intangible Assets’ climbed 8% to closed at $27.25 million relative to last year’s corresponding period of $25.31 million.
Profit before Taxation amounted to $1.20 billion (2016: $1.15 billion). Tax charges reported for the period amounted to $366.62 million, 8% more than the $339.66 million for the same period last year.
Net profit attributable to shareholders totaled $834.63 million; this represents an increase of 3% from the $813.17 million recorded in 2016. Net profit for the quarter amounted to $383.31 million (2016: $356.07 million).
Earnings per share (EPS) for the nine months totaled $1.97 (2016: $1.92), the while EPS for the quarter closed at $0.91 (2016: $0.84). The twelve month trailing EPS is $3.24. The number of shares used in this calculations was 423,194,765 units.
Total comprehensive income for the nine months amounted $873.79 (2016: $1.09 billion), while for the quarter SGJ reported $328.21 million compared to $422.43 million booked for the third quarter last year.
Balance Sheet Highlights:
As at July 31, 2017, the company’s assets totaled $69.83 billion, $160.77 million more than the $69.67 billion a year ago. The grow in assets was attributed to an increase in Investments Held to Maturity which amounted to $1.06 billion (2016: nil).
The company ended the period with equity in the amount of $15.25 billion. This is an increase of $583.46 million when compared to the shareholder’s equity of approximately $14.67 billion recorded in last year’s corresponding period. This resulted in a book value per share of $36.03 (2016: $34.65)
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