May 30, 2018
Access Financial Services Limited (AFS) for the year ended March 31, 2018 reported $1.47 billion in total interest income, a 16% increase relative to the $1.27 billion recorded in 2017. Of this, Interest Income from Loans amounted to $1.46 billion (2017: $1.26 billion) while Interest Income from Securities totaled $10.62 million (2017:$9.12 million).
Interest Expense charged for the period totaled $105.57 million, a 6% decline compared with the $111.77 million booked in 2017. This resulted in AFS booking a Net Interest Income of $1.36 billion for the period, 18% more than the $1.15 billion in 2017. For the quarter, net interest income totalled $409.70 million, a 37% increase relative to the $298.98 million recorded in 2017.
Net Fees and Commission Income for the period under review amounted to $314.09 million, a 42% increase from the $221.70 million in 2017.
AFS booked a total of $1.67 billion for Net Trading Income, a 22% increase compared with the $1.38 billion in 2017. For the quarter, net trading income of $453.54 million was recorded (2017: $379.41 million).
AFS reported income from Money Services and Other Income of $1.44 million (2017: $2.13million) and $1.31 million (2017:$7.34 million) respectively. Foreign Exchange also posted a gain of $26.31 million (2017: $16.10 million). As such Other Operating Income for the period totaled $29.07 compared with $25.58 million in 2017.
AFS reported Operating Expenses for the period of $902.40 million (2017: $651.62 million). Of this:
- Staff Costs totaled $382.08 million (2017: $299.56 million)
- Allowance for Credit Losses amounted to $226.66 million(2017: $128.28 million)
- Depreciation & Amortization amounted to $19.04 million (2017: 23.57 million).
- Other Operating Expenses booked for the period totaled $274.63 million (2017:$200.20 million)
AFS reported a Profit before Taxation of $801.95 million for the period relative to $750.53 million recorded in 2017. Following a taxation amount of $85.92 million, AFS booked a Profit for the period of $716.03 million, a 1% increase relative to the $710.55 million recorded for the comparable period in 2017. For the quarter, net profit amounted to $$211.18 million, a 2% decline relative to the $216.32 million recorded in 2017.
Total Comprehensive Income for the period amounted to $716.04 million (after the addition of $17,000 from other comprehensive income).
Consequently earnings per share for the period amounted to $2.61 (2017: 2.59), while earnings per share for the quarter amounted to $0.77 (2017: 0.79). The number of shares used in this calculation was 274,509,840 units. AFS’s stock price close the trading period on May 30, 2018 at $46.10.
Balance Sheet Highlights:
As at March 31, 2018, the company’s assets totaled $3.52 billion, up 9% from $3.22 billion in 2017. Loans and Advances contributed the most to total assets. This increase was largely attributable to Loans and Advances which amounted to approximately $ 2.93 billion, $313.01 million more than $2.62 billion in 2017.
Shareholder’s equity as at March 31, 2018 stood at $2.30 billion (2017: 1.83 billion) resulting in book value per share of approximately $8.39 (2017: $6.67).
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