Profit fell sharply at Mayberry Investments for the year ending December 2013, falling to $102 million as it declined sharply from $439 million reported in 2012. Earnings per share came out at only 9 cents as profit took a big hit of $337.5 million from the transaction in connection with the Government National Debt Exchange Programme (NDX) in February last year. Without the NDX charge, earnings per share would have been around 22 cents in 2013.
Mayberry recorded a decline of $238 million in total revenues driven by declines of $112 million in net interest income, $111.4 million in fees and commissions and $42 million in dividend income and $129 million in net unrealized losses on trading portfolio. There were gains on disposal of a small portion of the associated shareholding of $60 million as well as increase in net foreign exchange gains $105 million.
Total expense for the year was 10 percent lower than for 2012 coming in at $681 million for 2013 and flowed from reduction in staff cost of $32 million and reduced provisions of $91 million as the company recovered some loans.
Mayberry operating profit fell to $213 million from $374 million in 2012 before the NDX charge due mainly to lower net interest income and losses on investment valuation.
In the final quarter, Mayberry reported only $3 million pretax profit compared with $162 million in 2012 and after booking a tax credit, ended up at $42 million in the last quarter, still lower than the $176 million reported in 2012. In the last quarter, the company suffered from lower net interest income and reversal of credit loss gains achieved in the prior period.
Assets grew by $1.2 billion during the year to $22 billion partly funded by increased liabilities.
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