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
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