Fear flattens revenue at Banks DIH

“Fear and uncertainty” had revenue flat as a long opened bottle of beer at Banks DIH in 2014  with profits dipping by 8% compared to 2013.

Chairman and Managing Director Clifford Reis refers in the just released annual report to “uncertainty and fear…as legitimate concerns that are affecting the economic results across the globe and locally..the corresponding contraction in spending at the level of the individual consumer continues to affect the financial results of companies such as ours.”

Banks DIH Group saw revenue barely budge to $26.478B ($26.430B) while profits after tax slipped to $3.152B ($3.416B). Earnings per share were $2.66 ($2.92). The 51% owned subsidiary Citizen Bank increased revenue to $3.217B ($3.07B), however profit after tax was marginally down, $989M ($1.004B). Loan assets jumped by 22% to $28.9B ($23.7B), customer deposits declined from $34.2B to $33.2B. Interest income increased from $2.37B ($2.15B).

The annual general meeting will be held on January 24 2015.