GCB Bank has recorded strong profit growth in the first-half of this year, posting a Profit Before Tax (PBT) of GH¢700.5 million. The strong PBT...
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Guardian Holdings Ltd has recorded $23 million increase in unaudited profit for the six months ended June 30. This is a six per cent increase over the same period in the previous year. In its summary of consolidated financial statement to June 30, 2024, Guardian Holdings reported $401 million in profits, exceeding the previous year's restated results of $378 million. It said the year-over-year improvement in profits was mainly driven by improved net insurance service result, higher insurance brokerage fees and commission income, lower net insurance finance expenses, lower other operating expenses and lower taxation expense partially offset by lower net investment income. It said its balance sheet metrics remain strong and capital levels are robust. In the chairman's report, Robert Almeida said the company achieved this solid performance from the sustained growth of its diverse operations across the English-speaking and Dutch Caribbean markets and against a backdrop of complexities in the external environment from elevated levels of inflation, economic uncertainties, volatilities in global financial markets and changes in the market landscape. Guardian Holdings said its businesses and customers in Jamaica and the Eastern Caribbean were affected by the passage of Hurricane Beryl in early July and were in the process of damage assessment and restoration. The company said last year, it reported unaudited half-year 2023 results of profit attributable to equity shareholders of $251 million. This figure was subsequently updated to include the non-recurring net fair value gain of $174 million arising from the model change implemented by its Jamaican operations, thereby reclassifying financial assets supporting life and annuity portfolios from amortised costs and fair value through other comprehensive income to fair value through the profit and loss. The change was also reported in the group's audited results for the year ended December 31, 2023. This update, coupled with international financial reporting standards (IFRS) 17 related refinements, increased the first half-year 2023 comparative results from $251 million to $370 million. Guardian Holdings’ insurance revenue grew by $262 million, or ten per cent, over the prior year from continued growth in core business driven by the group's deliberate focus on key strategies and transformational initiatives. The life, health and pension (LHP) segment contributed insurance revenue of $1.4 billion, up from $1.3 billion in the prior year by $94 million or seven per cent. Insurance revenue increased on all lines except individual health. Property and casualty (P&C) also reported higher insurance revenue of $1.5 billion, up from $1.3 billion in the prior year by $169 million, or 13 per cent, principally from operations in the TT, Jamaica and Dutch Caribbean markets. Net income from investing activities decreased by $93 million, mainly from lower current-year net fair value gains of $171 million when compared to the prior year. Other year-over-year movements in net income from investing activities include higher investment income, higher realised gains and a lower level of impairment losses partially offset by reduced foreign exchange gains and lower fee income. When compared to the prior year's six-month results, the group's equity value per share increased from $14 to $10.04 and earnings per share increased from $1.63 to $1.73. At a meeting held on July 31, the board declared an interim dividend of 23 cents to be paid to shareholders on record as at August 16, 2024, when the register of members will be closed for this purpose. The post Guardian Holdings records $23m increase in profits appeared first on Trinidad and Tobago Newsday.
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