LOM net profit more than doubles in first half of 2023
LOM Financial reported a more than doubling of net earnings in the first half, as interest income rose dramatically and foreign exchange losses decreased.
In the January-to-June period, the company reported $2.13 million in net earnings, up from $823,000 in the same period a year earlier.
It is on track to beat its 2022 earnings, when its full-year net profit was $1.88 million.
Earnings per share in the first six months of 2023 was 43 cents, up from 16 cents on year, while the dividend remained unchanged at 4 cents.
Founded in 1992, LOM describes itself as “Bermuda's largest independent financial services company”.
It offers a wide range of services and products, including wealth management, brokerage, custody, precious metals, mutual funds, asset management and captive insurance management.
In its first-half financials, LOM said that interest income was $2.2 million, up from $651,000 in the same period a year earlier. It lost $87,000 on trading of securities it owned, versus a $478,000 loss in the year-earlier period, and gained $177,000 on foreign exchange, compared with a $307,000 loss.
Revenues were up 3.7 per cent, while expenses were down almost 12 per cent.
LOM traded in June on the BSX for $5.15, up from $2.75 in early 2019.