ISP Finance Services Limited (ISP)

Results for the Nine Months ended September 30, 2017:

For the nine months period ended September 30, 2017, ISP Finance Services Limited’s (ISP) Total Interest Income amounted to $210.70 million compared to $168.80 million in 2016, an increase of 25%. For the quarter, Total Interest income amounted to $74.91 million (2016: $64.39 million). It is broken down as follows:

• Interest Income from Loans grew by 25% to total $208.78 million relative to $167.4 million reported in the same period of 2016.
• Interest Income Receivables was up 37%, amounting to $1.92 million (2016: $1.40 million).

Interest Expense totaled $18.65 million relative to $13.21 million in 2016; this represents a 41% increase. As a result, Net Interest Income grew by 23% to total $192.06 million (2016: $155.59 million).

Commission Expense grew by 62% to $2.37 million (2016: $1.47 million). Foreign Exchange Gain totaled $1.23 million (2016: Nil).

The company’s Total Operating Expense amounted to $160.24 million down from $133.59 million in 2016. The expenses are broken down as follows:

• Staff Costs amounted to $81.09 million (2016: $70.92 million)
• Allowance for Credit Loss totalled $15.74 (2016: $11.42 million)
• Depreciation was $4.04 million (2016: $2.53 million)
• Other Operating Expenses amounted to $59.38 million (2016: $48.73 million)

Consequently, Net Profit for the period amounted to $30.67 million relative to a profit of $22.52 million in 2016, a 36% increase. Net profit for the quarter amounted to $11.97 million (2016: $13.91 million).

As a result, EPS for the period closed at $0.29 (2016: EPS $0.21). The EPS for the quarter was $0.11 (2016: $0.13). The 12-month trailing EPS is $0.46 and the number of shares used in our calculations is 105,000,000 units.

Balance Sheet Highlights:

A at September 30, 2017, ISP reported total assets of $448.12 million, a 0.14% decline when compared to $448.74 million in the prior year.

Shareholders’ Equity as at September 30, 2017 was $264.62 million compared to a $216.66 million in 2016. This resulted in a book value per share of $2.52 compared to $2.06 the prior year.

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