By Al Edwards, Business Co-ordinatorLOCAL finance house Dehring, Bunting & Golding (DB&G), adopting International Financial Reporting Standards (IFRS), has posted positive results for the six month period ending September 30, 2003.
Unaudited profits after taxation for the period under review stood at $173.2 million, an increase of 32 per cent over the corresponding period last year. The group made adjustments in its auditing methods in accordance with IFRS, posting earnings per share of $1.36, an increase on last year's figure of $1.08.
DB&G has taken the decision to replace institutional funding with more stable retail funding. This has paid dividends with retail funding increasing since the beginning of the calendar year from 53 per cent to 67 per cent of its total funding. The group has set itself a target of between 75 and 90 per cent.
ASSETS
Total funds under management-including trust assets managed on behalf of clients came in at $23.9 billion. Total assets driven by investments, capital management fund and loans stood at $21.7 billion, an increase on last year's corresponding period's figure of $18 billion.
This year saw the completion of the merger of Issa Trust and Merchant Bank with DB&G Merchant Bank with the new entity headed by Tanya Ho-Shue. The merchant bank now has an authorised foreign exchange dealership with the ability to offer 'A' accounts. This new product offers tax-free foreign currency deposits to existing and potential non- resident customers. At this point in time, the merchant bank is marketing its products and services and making efforts to grow market share.
"These results indicate that the group is making positive strides in its efforts to compete its more larger competitors. We are pleased with the results and as we continue to grow market share we anticipate even better results in our end of year audited figures," said Ms. Ho-Shue.
The Board of Directors are recommending that at the Annual General Meeting to be held on November 26, 2003, a one-for-one bonus issue be approved for persons who are registered stockholders at the close of business on December 10, 2003.
