August 15, 2024
Access Financial Limited (AFS) for the first quarter ended June 30, 2024, reported $592.57 million in total interest income, a 19% increase relative to the $498.01 million recorded in 2023. Of this, Interest Income from Loans amounted to $590.40 million (2023: $497.28 million), while Interest Income from Securities totalled $2.17 million (2023: $727,000).
Interest Expense for the period totaled $98.05 million, a 19% increase compared to the $82.60 million booked in 2023. This resulted in AFS recording a Net Interest Income of $494.52 million for the period, a 19% increase from the $415.41 million booked in 2023.
Net Fee & Commission Income for the six months decreased by 22% to $73.64 million from the $94.45 million booked in 2023.
Net Trading Income increased by 11% to $568.15 million (2023: $509.86 million).
AFS reported income from money services of $4,000 (2023: $31,0000) and other income of $47.33 million (2023: $50.05 million). Foreign Exchange losses of $1.86 million was reported this period relative to foreign exchange gains of $3.22 million booked same time last year. As such, Other Operating Income for the period decreased 15% totaling $45.48 million compared to $53.57 million recorded in 2023.
AFS reported Total Operating Expenses for the period of $450.28 million (2023: $420.64 million). Of this:
Staff Cost totaled $162.25 million (2023: $166.73 million).
Allowance for Credit Losses amounted to $137.42 million (2023: $85.40 million).
Depreciation & Amortization amounted to $22.58 million (2023: $29.04 million).
Other Operating Expenses booked for the period totaled $106.44 million (2023: $113.87 million).
Consequently, Profit before taxation increased 14% to $163.34 million for the period relative to $142.79 million recorded in 2023.
AFS paid taxes amounting to $62.56 million (2023: $49.16 million), AFS booked a Profit for the period of $100.79 million, an 8% increase relative to the $93.63 million recorded for the comparable period in 2023.
Total Comprehensive Income decreased 4% to $110.67 million from $115.14 million booked the same time last year.
Consequently, Earnings Per Share for the six months amounted to $0.37 (2023: EPS: $0.34), The twelve-month trailing EPS was $1.27, and the number of shares used in these calculations was 274,509,840.
Notably, AFS’s stock price closed the trading period on August 14, 2024, at a price of $18.96 with a corresponding P/E ratio of 14.98x.
Balance Sheet Highlights
The company’s assets totalled $7.51 billion (2023: $6.69 billion). The growth in total assets was primarily due to ‘Loans and advances’ increasing by $679.51 million or 13% to $5.82 billion in the period (2023: $5.14 billion).
Shareholder’s equity was $3.03 billion (2023: $2.77 billion), representing a book value per share of $11.05 (2023: $10.10).
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