July 15, 2024

Access Financial Limited (AFS) for the year ended March 31, 2024, reported $2.24 billion in total interest income, a 18% increase relative to the $1.89 billion recorded in 2023. Of this, Interest Income from Loans amounted to $2.23 billion (2023: $1.88 billion), while Interest Income from Securities totalled $2.52 million (2023: $10.32 million). Total Interest Income for the quarter amounted to $599.49 million, a 10% increase from the $546.11 million recorded during the same period in 2023.

Interest Expense for the period totalled $356.10 million, a 26% increase compared to the $282.78 million booked in 2023. This resulted in AFS recording a Net Interest Income of $1.88 billion for the period, a 17% increase from the $1.61 billion booked in 2023. Interest Expense for the fourth quarter amounted to $90.74 million (2023: $75.34 million).

Net Fee & Commission Income for the period under review decreased by 4% to $297.76 million from the $309.04 million booked in 2023.

Net Trading Income increased by 14% to $2.18 billion (2023: $1.91 billion), with $583.97 million booked in the fourth quarter of 2024 (2023: $461.97 million).

AFS reported income from money services of $1.19 million (2023: $1.35 million) and other income of $159.77 million (2023: $169.33 million). Foreign Exchange gains of $1.38 million was reported this period relative to foreign exchange losses of $438,000 booked same time last year. As such, Other Operating Income for the period decreased 5% totalling $162.34 million compared to $170.23 million recorded in 2023.

AFS reported Operating Expenses for the period of $1.77 billion (2023: $1.67 billion). Of this:

Staff Cost totalled $644.25 million (2023: $710.92 million).

Allowance for Credit Losses amounted to $480.79 million (2023: $396.11 million).

Depreciation & Amortization amounted to $106.55 million (2023: $104.40 million).

Other Operating Expenses booked for the period totalled $538.10 million (2023: $456.01 million).

Consequently, Profit before taxation increased 37% to $571.10 million for the period relative to $416.98 million recorded in 2023. For the fourth quarter of 2024, profit before taxation amounted to $192.85 million, a 117% increase from 2023’s $88.76 million.

AFS paid taxes amounting to $230.92 million (2023: $115.93 million). As such, AFS booked a Profit for the Period of $340.18 million, a 13% increase relative to the $301.05 million recorded for the comparable period in 2023. Profit for the fourth quarter was $15.21 million (2023: $75.04 million).

Total Comprehensive Income increased 28% to $362.11 million from $283.63 million booked the same time last year. AFS reported Total Comprehensive Income for the fourth quarter of $10.53 million (2023: $72.06 million).

Consequently, Earnings Per Share for the year amounted to $1.24 (2023: EPS: $1.10), while Earnings Per Share for the quarter totalled $0.06 (2023: EPS: $0.27). The twelve month trailing EPS was $1.24 and the number of shares used in these calculations was 274,509,840.

Notably, AFS’s stock price closed the trading period on July 15, 2024, at a price of $21.23 with a corresponding P/E ratio of 17.13x.

Balance Sheet Highlights

The company’s assets totalled $7.14 billion (2023: $6.29 billion). The growth in total assets was primarily driven by a $979.34 million or 21% increase in ‘Loans and Advances’ to $5.73 billion (2023: $4.75 billion).

Shareholder’s equity was $2.92 billion (2023: $2.66 billion), representing a book value per share of $10.64 (2023: $9.68).

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