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FESCO In Growth Mode, Significant Investments Set To Spur Future Growth And Profitability

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Jeremy Barnes Chief Executive Officer For Future Energy Source Company Limited (“FESCO”) Has Released The Following Unaudited Fourth Quarter Results To March 2024.

Executive Summary

We are pleased to report that the Company has achieved its best year to date as it relates to gross profit, J$1,455,217,297, operating profit (EBIT) J$672.3 million, up 18.7 % from J$566.4 million, earnings before interest, taxes, depreciation and amortization (EBITDA) J$846.9 million up 42.3% from J$595.4 million.

Shareholder’s equity of J$2.15 billion as at March 2024 is up 64.7% or J$842.9 million year over year from J$1.30 billion as at March 2023 which is almost seven times (7X) the Company’s shareholder’s equity of J$318.4 million as at March 2021.

For the year, the Company was able to achieve its main targets to:

1. Create brand awareness for FESGAS™ and establish an accretive and sustainable LPG business;

2. Increase service station network foot print and increase fuel sales measured in litres;

3. Increase profitability, specifically as it relates to operating profit (EBIT) and operating cash flow (EBITDA)

4. Execute significant investments in capital expenditure (CAPEX); which does not yet reflect in sales or profit but for which the Company forecasts sustainable returns in the medium term and whilst having generated ROE after tax of 30%.

Net profit after tax (NPAT) of J$515.1 million slipped 9.8% or J$56.2 million year over year from the Company’s record profit achieved last year of J$571.3 million.

The slippage in Net profit reflects a significant increase year over year for:
1. Interest expense (net) +J$165.3 million;
2. Depreciation +J$136.7 million and;
3. Advertising expense +J$31.4 million.

The increase in interest expense, depreciation and advertising, in the main, is reflective of and is attributable to our medium to long-term vision to expand our network foot print, our expansion into LPG distribution and to increase brand awareness for both FESCO and FESGAS.

The Company’s discrete quarterly (Q4: 3 months) performance reflects the booking of outstanding supplier invoices relating to previous quarters within the year. Normalised net profit for the 4th quarter (Q4) would have been approximately J$112 million versus the reported J$49.1 million. Accordingly, for a more meaningful discussion we will focus our analysis and reporting on the full year’s (12 months) performance instead of the three months ended March 31, 2024.
The Company’s annual performance reflects an increase in gross profit, operating profit (EBIT) and EBITDA.

All whilst acquiring, establishing and distributing LPG via our FESGAS™ brand, which includes two (2) company operated LPG filling plants, increasing our network foot print by three (3) service stations: FESCO Kitson Town, FESCO May Pen, and FESCO Port Maria, improving brand awareness, and increasing its advertising, depreciation and interest expenditures.

For the year, the Company achieved:
1. Gross profit: J$1,455.2 million up J$567.4 million or 63.9% vs year ended March 2023
2. EBIT: J$672.3 million up J$105.9 million or 18.7% vs year ended March 2023
3. EBITDA: J$846.9 million up J$251.6 million or 42.3% vs year ended March 2023
4. Net profit: J$515.1 million down J$56.2 million or 9.8% vs year ended March 2023
5. Book value of equity: J$2.15 billion, up 64.9% since March 31, 2023.

FESCO has no control over the supply price of fuel and, instead, focuses more on quantity of fuel sold and gross profit.

Financial Highlights:

For the year ended March 31, 2024, FESCO recorded Turnover/Revenues of J$28,777.3 million which reflects a 9.49% or J$2,495.1 million year over year increase. Several factors affect revenue/turnover with the supply price of fuel being a major component.

For quarters Q1 and Q2 all fuel prices fell significantly versus the previous year, and for Q3 and Q4 diesel prices fell significantly while gasoline prices increased negligibly. Accordingly, FESCO’s growth in Turnover for the year ended March 2024 reflects significant growth in litres of fuel sold.

Again, the Company’s discrete quarterly (Q4: 3 months) performance reflects the booking of outstanding supplier invoices relating to previous quarters within the year.

Normalised net profit for the 4th quarter (Q4) would have been approximately J$112.0 million versus the reported J$49.1 million. Accordingly, for a more meaningful discussion we will focus our analysis and reporting on the full year’s (12 months) performance instead of the three months ended March 31, 2024.

FESCO recorded gross profit of J$1455.2 million for the year which reflects growth of 63.9% or J$567.4 million year over year. The improvement in gross profit reflects both increasing throughput (measured in litres of fuel sold) and diversification of product offerings (fuel types including LPG) and services (increased retail presence).

Operating Expenses of J$784.5 million, for the year, is up J$477.2 million versus last year or 155.3%. This expansion of expenses directly reflects the expanded:
1. Operating locations including the additions of: FESCO Kitson Town, FESGAS Bernard Lodge and FESGAS Naggo Head;
2. Asset base which includes increased operating LPG and service station assets; Operational scope (which now includes increased retailing and manufacturing);
4. Early stage new business costs including but not limited to:
a. business acquisition;
b. property acquisition and development costs; and
c. business integration costs.

The Company is committed to and has expanded its Marketing and Advertising expenditure to create brand awareness for its “FESGAS” branded LPG products, among other initiatives. For the year, the Company’s advertising expenditure was J$47.0 million which is up 201.3% or J$31.4 million for the year.

Staff costs for the year of J$270.7 million, which is up J$155.1 million from J$115.7 million last year, reflects the expansion of our staff complement (up from 68 to 131) and is consistent and reflective of our expanded operations, operating locations and operating scope and remains relatively efficient as it is just 34.6% of overall expenditure (2024: 34.6% vs 2023: 35.6%) and just 18.6% of gross profit (2024: 18.6% vs 2023: 13.0%).

Other Expenses which includes but is not limited to security, insurance, listing fees and trust services (JSE and JCSD), motor vehicle expenses, and irrecoverable GCT for the year of J$184.4 million, which is up J$132.1 million from J$52.3 million last year, reflects the Company’s expanded operations, growing asset base as well as one-off charges. Other Expenses is 23.6% of overall expenditure (2024: 23.6% vs 2023: 16.1%), and is 12.7% of gross profit (2024: 12.7% vs 2023: 5.9%).

The Company’s LPG operation is capital intensive as it relates to its fixed asset requirements to establish and fulfil the business’ services and operation. Accordingly, depreciation and interest expense will in the forming period outweigh its medium and long term “weight” relative to gross profit exemplified by depreciation for the year totalling J$164.7 million versus J$28.4 million last year. Similarly, interest expenses (net) for the year of J$157.2 million has increased year over year by J$165.3 million.

In summary, staff costs, bank charges, advertising, and asset based expenses including but not limited to depreciation, insurance, and security continue to be our main expense items.

Our operations continue to be efficient, represented by our total operating expenses being approximately 53.8% of gross profit. Notably, for this stage of our LPG business development, the Company’s total operating expenses excluding depreciation is just 42.5% of gross profit.

The Company’s expense profile is changing and will reflect its expanded and evolving scope of operations. The Company’s expenditure and revenue targets are in line with its internal forecast and mix of established and early stage business expenses.

For the year, FESCO recorded operating profit or EBIT of J$672.3 million which reflects 18.7% or J$105.9 million, year over year increase. Earnings before interest, taxes, depreciation and amortisation EBITDA was J$846.9 million up J$251.6 million or 42.3% from J$595.4 million earned in the previous year ended march 2023.

For the year, FESCO incurred finance costs (net) of J$157.2 million which reflects interest costs related to its debt/bonds etc., net of interest income and foreign exchange gains.

For the year ended March 2024 profit after taxes of J$515.1 million reflects a slight decline of 9.8% or J$56.2 million, year over year.

Book Value or Shareholders’ Equity as at March 2024, has increased to sum J$2,147.1 million, up from J$1,301.9 million as at March 31, 2023 which reflects increased profitability, profit retention and revaluation reserve increase of J$330.1 million.

The Company remains significantly, and sufficiently liquid represented by net current assets of J$330.2 million (March 2023 J$302.0 million) and cash and cash equivalent balances of $282.4 (March 2023 J$287.9 million).

As at March 31, 2024, the Company’s Debt to Equity (D/E) (long term-static) is 0.72 versus 1.36 from March 31, 2023. The improved ratios (current ratio and D/E) reflect long term debt repayment of both principal and interest, and increased shareholder’s equity (both undistributed profits and revaluation reserve increases).

A Look Ahead

FESCO continues to monitor the moderating inflationary forces within the economy, the recent interest “freeze” by the central bank, the near full employment in many sectors of the economy, a resilient and expanding tourism product among other factors affecting consumer consumption as well as our allocation of investment capital.

The Company must also navigate industry-related margin contractionary forces and consolidation within the industry. The Company remains mindful of opportunities for growth and further investment. Internal or self-funding via profit generation, profit retention, at this time, has proven to be the most efficient and cost effective source of capital to fund growth.

The Company opened its twenty third 23rd service station, FESCO Hayes (DOCO) in April 2024. FESCO expresses gratitude to its staff and contractors who participated in the project’s execution. Valued stakeholders, you are invited to patronise the station and it is hoped that you will experience great fuelling services and other conveniences at all FESCO branded service stations.

FESCO recently received approval for its proposed service station on Spanish Town Road, “FESCO Oval”. FESCO Oval will be a company owned and company operated service station (COCO) and will facilitate increased retail presence within the Kingston and St Andrew (KSA) region. FESCO Oval intends to showcase the creativity, forward thinking, mindfulness, commitment to community and the immense potential of Jamaica and Jamaicans; we believe it will embody our tag line and motto, “Proudly Jamaican”. The development will take approximately fifteen (15) months to execute and we anticipate its opening during Q2 2025 (i.e. July 2025 – September 2025).

We are in growth mode, and during the year ended March 2024 we have made significant investments that do not yet reflect in sales or profit but will spur the Company’s future growth and profitability in the medium term. Further, the Company will continue to make investments in real assets and equipment to support expanding its service station businesses and network, its industrial client base, and LPG business.

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Main Event Entertainment Records $9.4M Net Loss For April 2025 Quarter

As part of its long-term strategy to reduce revenue volatility and deepen brand equity, the company has begun investing in its proprietary events. The performance of these initiatives is expected to materialise in the upcoming quarters.

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Solomon Sharpe Chief Executive Officer For Main Event Entertainment Group Limited Has Released The Following Unaudited Results For Six Months Ended April 30, 2025

The second quarter of the financial year unfolded within a still recovering economic environment. Jamaica experienced two consecutive quarters of economic contraction prior to this period, with the latest data from the Planning Institute of Jamaica (PIOJ) indicating a return to modest growth.

As a business closely tied to consumer activity and discretionary spending, MEEG’s performance is inevitably influenced by prevailing economic conditions. In times of reduced disposable income, demand for entertainment, events, and promotional services often comes under pressure. This context has framed many of the challenges and opportunities we faced during the quarter.

The company generated revenue of $306.368 million for the second quarter ended April 30, 2025. This represents a decline of $112.207 million or 27% compared to the second quarter of 2024. For the half-year, the company earned revenue of $891.395 million, reflecting a reduction of $94.932 million or 10% relative to the corresponding period last year. This contraction in revenue is primarily attributable to continued softness in core event categories, most notably Entertainment & Promotions and M-Style Decor. Performance was impacted by a combination of lower client marketing spend, fewer large-scale productions, and the nonrecurrence of several high-value projects that contributed materially to the prior year’s second quarter. Despite the general slowdown, the period saw several new and re-engaged clients contribute positively to revenue performance.

As part of its long-term strategy to reduce revenue volatility and deepen brand equity, the company has begun investing in its proprietary events. The performance of these initiatives is expected to materialise in the upcoming quarters.

Gross profit for the quarter was $165.818 million, compared to $198.064 million in the second quarter of 2024 — a decline of $32.246 million or 16%. Gross profit for the six months amounted to $467.485 million, down $46.402 million or 9% relative to the same period last year.

The company’s gross margin remained relatively stable at 54% for the quarter, a slight improvement from the 53% reported in the prior year. This increase reflects stronger project cost control and enhancements in resource planning, even amidst a softer revenue performance.

The company recorded a net loss of $9.337 million for the quarter, compared to a net profit of $20.016 million in Q2 2024. For the six-month period, net profit stood at $64.329 million, a decrease of $55.942 million or 47% from the $120.271 million earned in the comparative period. This swing was primarily driven by the reduction in revenue and other operating income, which was not fully offset by cost reductions.

Administrative and general expenses for the quarter totalled $143.244 million, an increase of $15.757 million or 12% compared to $127.487 million in the prior year.

Selling and promotional expenses also rose to $7.177 million, up 62% year over year, driven by increased brand-building efforts.

Depreciation expense declined by approximately $6.718 million or 20% compared to the prior quarter and by $9.764 million year-over-year, reflecting the completion of previous capital cycles. Conversely, amortisation charges increased, largely due to the refinancing of existing leases and the addition of new ones. These movements are aligned with the company’s strategy to invest in equipment and assets that enhance operational capacity and service delivery.

Total operating expenses for the quarter were $186.794 million, compared to $178.886 million in Q2 2024, an increase of 4%. On a year-to-date basis, total operating expenses amounted to $405.514 million, up $20.279 million or 5% over the $385.235 million recorded in the prior year.

Finance costs were marginally higher at $2.959 million, while taxation for the quarter reflected a credit of $1.876 million, corresponding to the pre-tax loss position.

The company reported a loss per share of $0.03 for the second quarter, compared to earnings per share of $0.07 in the prior year. For the six-month period, EPS was $0.21, down from $0.40 in 2024.
As at April 30, 2025, total assets stood at $1,219.275 million, broadly in line with $1,219.929 million recorded at the end of the second quarter of 2024.

Cash and bank balances amounted to $141.700 million, with short-term deposits increasing to $252.598 million, together reflecting a stable liquidity position.

Receivables closed at $299.718 million, slightly below the $309.556 million reported in the prior year.

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The LAB Posts $20.6M Half-Year Profit, Down 58%, Impacted by Revenue Timing and Margin Compression

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Kimala Bennett Chief Executive Officer for Limners and Bards Limited (The LAB) has released the following unaudited consolidated financial statements for the six-month period ended April 30, 2025, prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated results include the performance of subsidiary Scope Caribbean Limited (Scope), whose core business involves the scouting, placement, and management of talent, supported by the development and maintenance of a comprehensive talent database.

For the period under review, the Group’s consolidated balance sheet remained sound with a stable cash position, providing the financial flexibility to support ongoing operations and strategic initiatives.

Revenue over the 6-month period of $460.2 million, represented a 3.3% increase compared to the corresponding period in 2024. This growth was driven primarily by increased activity in the Production and Media business segments. Media contributed $240.7 million, followed by Production at $151.8 million, and Agency at $67.5 million.

Gross profit amounted to $175.4 million, reflecting a 2.7% decline year-over-year. This was due to a higher proportion of revenue being derived from Media, which typically carries lower margins relative to the Agency segment. This shift in revenue mix also resulted in a 2% decline in the company’s net profit margin.

Net profit for the six-month period stood at $20.6 million, a 58.3% decline compared to the same period in the prior year. The decrease was primarily attributable to lower gross margins and a reduction in second-quarter revenue which was largely due to seasonal variations and the timing of project deliveries.

Operating expenses, comprising administrative, selling, and distribution costs, increased by $14.4 million or 10 percent compared to the same period last year. This increase primarily reflects strategic investments in talent, particularly in areas critical to our growth agenda such as business development, content creation, and enhancing the overall customer experience. While these investments contributed to higher short-term costs, they are considered essential to scaling our operations and building long-term shareholder value.

Total assets amounted to $1.03 billion, reflecting a decrease of $11.2 million or 1.1 percent, mainly attributable to normal depreciation. Current assets increased marginally to $865.9 million, up $1.6 million from the prior year.

Cash and cash equivalents stood at $332.4 million, down $226 million year-over-year, due primarily to increased investment in the development of proprietary content assets.

Accounts receivable increased by $39.5 million, and management continues to work closely with clients to manage credit terms and reduce outstanding balances.

Shareholders’ equity grew to $659.1 million, up 1.8 percent from $647.3 million in the prior-year period.

The LAB remains focused on disciplined execution of its growth strategy, with a continued emphasis on improving operational efficiency, diversifying revenue streams, and delivering long-term value to shareholders

Outlook & Growth Strategy

Looking ahead, the Group remains focused on executing its strategic roadmap amidst continued transformation in the marketing and creative services sector. Our efforts are concentrated on expanding and diversifying revenue streams, acquiring new clients, and introducing new service lines that align with emerging market needs. At the same time, we are maintaining a strong emphasis on cost discipline and efficiency.

The integration of artificial intelligence into our operations is expected to further streamline processes and deliver cost savings where appropriate.

Continued investment in content development also remains a strategic priority.

Despite ongoing macroeconomic uncertainty, 2025 has presented key opportunities for us to advance several critical initiatives. Our revenue expansion strategy includes the rollout of our “Five-in-25” content plan, which focuses on the development of five scalable content properties, the geographic expansion of our Agency and Production services, and the monetization of existing financial and intellectual assets to enhance top-line growth.

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SEE ALSO

Meta’s AI Ad Revolution Is A Seismic Shift in the Media Landscape – Its Impact On Caribbean Agencies

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Scotiabank Trinidad And Tobago Declares Dividend Of 70 Cents Per Share For 2nd Quarter

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Scotiabank Trinidad and Tobago Limited (The Group) reported Income After Taxation of $340 million for the 6 months ended 30 April 2025. This represents an increase of $17 million or 5% compared to the 6 months ended 30 April 2024. Income after Tax for the second quarter was $174 million, an increase of $14 million or 9% over the prior quarter’s performance.

This improved profitability resulted in an increased Return on Equity (ROE) of 14.9% and a stable Return on Assets (ROA) of 2.2% over the prior year.

Based on these financial results, Scotiabank Trinidad and Tobago Limited is pleased to declare a dividend of 70 cents per share for the 2nd quarter, for a total of 140 cents for the first half of fiscal 2025. Earnings per Share (EPS) increased to 192.9c with a strong Dividend yield of 5.35%.

Gayle Pazos, the Managing Director of Scotiabank Trinidad and Tobago Limited commented, “I am pleased to report on the Group’s strong financial performance this quarter.

By leveraging digital advancements and optimizing asset allocations, the Group has set a solid foundation for future growth and resilience in an ever-evolving financial landscape.

Income After Tax increased by 5% year on year, driven by core revenue growth. We have achieved significant asset growth of $1.8 billion or 6%, testament to our robust strategies and market positioning. Loans to Customers grew $716 million or 4%, with our investment portfolio growing by $1.6 billion or 27%.

This strong asset growth underscores our commitment to optimizing market conditions and ensuring consistent value creation for our stakeholders. Customers’ Deposits also grew by $1.6 billion or 7%, with digital adoption increasing to 57%. By leveraging digital advancements and optimizing asset allocations, the Group has set a solid foundation for future growth and resilience in an ever-evolving financial landscape.

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CIBC Caribbean Delivers Another Strong Quarter Of Financial Performance

We have maintained our focus on credit quality, and this is reflected in our provision for credit losses of US$2.8 million, which is US$5.1 million lower than the prior year. The reduction was driven by improved economic conditions and our prudent risk management approach.

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CIBC Caribbean has delivered another strong quarter of financial performance with a net income of US$58.5 million for the six months ended April 30, 2025. This result reflects an increase of US$9.6 million or 20% over the prior year’s net income of US$48.9 million. Our continued growth has been driven by higher net interest income, improved credit quality, and disciplined expense management.

Total revenue for the period was US$223.3 million, up US$15.8 million or 8% from the prior year. Net interest income rose by US$10.9 million or 7%, reflecting loan growth and improved margins. Non-interest income also increased by US$4.9 million or 11%, due to higher transaction volumes and foreign exchange earnings.

We have maintained our focus on credit quality, and this is reflected in our provision for credit losses of US$2.8 million, which is US$5.1 million lower than the prior year. The reduction was driven by improved economic conditions and our prudent risk management approach.

Operating expenses increased by US$2.1 million or 2%, primarily due to investments in technology and digital transformation initiatives, in line with our strategy to enhance customer experience and drive efficiency.

Our capital and liquidity positions remain strong and comfortably above regulatory requirements, supporting future growth and resilience.

Mark St. Hill Chief Executive Officer June 12, 2025

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Scotia Group Delivers 19% Q2 Profit Growth, Net Income Hits $5B for the Quarter

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The Following is an extract from Scotia Group Jamaica Limited (SGJ) Quarterly Financial Statements Q2/2025 and Declaration of Second Interim Dividend Payment

Scotia Group reports net income of $9.2 billion for the six months ended April 30, 2025, representing an increase of $665.6 million or 7.8% over the prior year. Net income for the quarter of $5 billion reflected an increase of $797.9 million or 19% over the previous quarter. The Group’s asset base grew by $87 billion or 12.9% to $763.5 billion as at April 2025 and was underpinned by the excellent performance of our loan and investment portfolios.

In furtherance of our objective to continue to return value to our shareholders, the Board of Directors has approved a dividend of 45 cents per stock unit in respect of the second quarter, which is payable on July 17, 2025, to stockholders on record as at June 25, 2025.

Commenting on the Group’s performance, Scotia Group’s President and CEO, Audrey Tugwell Henry said “I am very pleased with our Q2 performance.

Our business continues to grow as we prioritize our clients’ needs, offering them the best financial services and solutions in the market. We are also very proud that our performance has been recognized by renowned international financial publications. Scotiabank Jamaica has been named Bank of the Year 2025 by the prestigious publication, The Banker Magazine, as well as the Best International Private Bank 2025 by Euromoney, and The Best Bank in Jamaica by Global Finance Magazine. These accolades are a testament to the effectiveness of our strategy and the excellence of our people. We are buoyed by these awards and motivated to continue to strive toward our ultimate goal of being our clients’ most trusted financial partner.

Business Performance

All business lines continue to perform well and made significant contributions to the Group. Our retail banking business boasts some of the best solutions in the market and our clients are increasingly choosing Scotia Group for their financing needs. Our flexible retail loans and mortgages offer among the lowest interest rates in the market. Our Scotia Plan loan portfolio grew 14% over the previous year and our mortgage portfolio grew by 24% over the same period.

The Corporate and Commercial Banking unit continues to provide significant support to the business sector. While the uncertainties of the geo-political environment remain a concern, Scotiabank is uniquely positioned to help our clients by leveraging insights from our global bank to support them in navigating the challenges in the market. In Q2, our commercial loan book grew by 7 % over the previous year.

Scotia Investments Jamaica Limited delivered another commendable performance with Assets Under Management increasing by 12% year over year. In March, SIJL’s corporate solutions unit was the lead arranger for a $950 Million bond raise for Fontana Pharmacy. The coordinated collaboration between our corporate banking and corporate solutions business units continue to yield strong results for the Group.

Scotia Jamaica Life Insurance Company (SJLIC) reported an increase in net insurance business revenue of 76% over the previous year driven by the performance of the portfolio. Scotia General Insurance Agency (SGIA) also made strong contributions to the quarter’s results with Gross Written Premiums increasing by 64% and policy sales increasing by 55% year over year.

GROUP FINANCIAL PERFORMANCE

TOTAL REVENUES

Total revenues excluding expected credit losses for the six months ended April 30, 2025, grew by $2.9 billion to $33.4 billion, reflecting an increase of 9.5% over the prior year period. This was primarily driven by the strong growth in our loan portfolio which led to an increase in net interest income of $1.9 billion or 8.5% as well as an increase in other revenue of 13.1%. OTHER REVENUE Other income, defined as all revenue other than interest income, increased by $1.2 billion or 13.1%.

• Net fee and commission income for the period amounted to $3.9 billion, reflecting an increase of $501.1 million or 14.6%. This growth was fueled by higher volumes of client transactions and activities.

• Net insurance revenue increased by $797.4 million or 75.6%, driven by higher contractual service margin releases coupled with lower insurance expenses in keeping with the performance of the portfolio, as well as an increase in transaction volumes stemming from further deepening of our client relationships.

• Net gains on financial assets amounted to $288 million, reflecting a year over year increase of $85.5 million or 42.2%, given improved market performance.

OPERATING EXPENSES

Operating expenses totaled $18 billion as at April 2025 and reflected an increase of $2.6 billion or 16.6% when compared to the prior period. Of note, annual asset taxes recorded during the period totaled $1.7 billion, an increase over 2024 of $140.1 million or 9%. Excluding the reduction in the net pension credit on our defined benefit plans, operating expenses increased by $2 billion or 12.3% year over year.

Additionally, higher billings associated with cash transportation services and deposit processing as well as our investments in technology also contributed to the increase noted in other operating expenses. The Group continues to expand on our digital capabilities geared towards simplifying and streamlining our processes to make it easier for our clients to do business with us.

CAPITAL

Shareholders’ equity available to common shareholders totaled $155.9 billion and reflected an increase of $29.1 billion or 22.9% when compared to April 2024. This was due primarily to the re-measurement of the defined benefit pension plan assets, higher fair value gains on the investment portfolio and higher internally generated profits partially offset by dividends paid.

We continue to exceed regulatory capital requirements in all our business lines, and our strong capital position also enables us to manage increased capital adequacy requirements in the future and take advantage of growth opportunities.

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