Access Reports Net Profit of $678.47 million for the Financial Year Ended March 31, 2017.
Access Financial Services Limited (AFS) For the year ended March 31, 2017 reported a $1.27 billion in total interest income. Of this Interest Income from Loans amounted to $1.26 billion while Interest Income from Securities totaled $9.12 million.
Interest Expense charged for the period totaled $111.77 million, resulting in AFS booking a Net Interest Income of $1.54 billion for the Year end March 31, 2016.
Net Fees and Commission Income for the period under review amounted to $221.67 million while AFS booked $1.38 billion for Net Trading Income.AFS reported income from Money Services and Other Income of $2.13 million and $7.34 million respectively. Foreign Exchange also posted a gain of $16.10 million as such Other Operating Income for the period totaled $25.58 million.
AFS reported Operating Expenses of $667.71 million. Of this:
- Staff Costs totaled $292.68 million
- Allowance for Credit Losses amounted to $128.28 million.
- Depreciation & Amortization and Other Operating Expenses booked for the period totaled $23.58 million and $207.032 million respectively.
AFS reported a Profit Before Taxation of $750.58 million. AFS booked a Profit of $678.53 million after tax charges of $72.05 million. Total Comprehensive Income amounted to $679.27 million after the addition of $743,000 form .Consequently earnings per share for the period amounted to $2.47 The number of shares used in this calculations was 274,509,840 units.
Balance Sheet Highlights:
As at March 31, 2017, the company’s assets totaled $3.11 billion. Loans and Advances contributed the most to total assets. Loans and Advances amounted to approximately $2.76 billion.
Shareholder’s equity as at March 31, 2017 stood at $1.62 billion resulting in book value per share of approximately $5.90.
*Kindly note that Access Financial Services commenced reporting its year end in March starting March 31, 2016
Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.