AFS reports 15% increase in three months net profit

Date: August 9,2018

Access Financial Services Limited (AFS) for the three months ended June 30, 2018 reported $401.66 million in total interest income, a 17% increase relative to the $343.04 million recorded in 2017. Of this, Interest Income from Loans amounted to $400.15 million (2017: $339.32 million), while Interest Income from Securities totalled $1.51 million (2017:$3.72 million).

Interest Expense charged for the period totalled $24.06 million, a 14% decline compared with the $28.00 million booked in 2017. This resulted in AFS booking a Net Interest Income of $377.60 million for the period, 20% more than the $315.04 million in 2017.

Net Fees and Commission Income for the period under review amounted to $35.51 million, a 64% decline from the $97.60 million in 2017.

AFS booked a total of $413.11 million for Net Trading Income, which remained relatively flat compared with the $412.64 million in 2017.

AFS reported income from Money Services and Other Income of $378,000 (2017: $427,000) and $11.42 million (2017:$13.70 million) respectively. Foreign Exchange also posted a gain of $8.15 million (2017: $6.61 million). As such, Other Operating Income for the period totalled $19.95 million compared with $20.74 million in 2017.

AFS reported Operating Expenses for the period of $198.56 million (2017: $224.88 million). Of this:

  • Staff Costs totalled $100.88 million (2017: $88.30 million)
  • Allowance for Credit Losses amounted to $15.26 million (2017: $51.75 million)
  • Depreciation & Amortization amounted to $8.88 million (2017: $5.99 million)
  • Marketing Expenses totalled $7.74 million (2017: $7.16 million)
  • Other Operating Expenses booked for the period totalled $65.79 million (2017: $71.68 million)

AFS reported Profit before Taxation of $234.51 million for the period relative to $208.50 million recorded in 2017. Following a taxation amount of $17.80 million (2017: $20.04 million), AFS booked a Profit for the period of $216.72 million, a 15% increase relative to the $188.46 million recorded for the comparable period in 2017.

Consequently earnings per share for the period amounted to $0.79 (2017: 0.69). The trailing twelve months earnings per share amounted to $2.71.  The total number of shares used in the calculations amounted to 274,509,840 Additionally, AFS’s stock price closed at $41.00 as at the end of trading on August 08, 2018.

Balance Sheet Highlights:

As at June 30, 2018, the company’s assets totalled $3.86 billion, up 21% from $3.20 billion in 2017. This increase was largely attributable to Loans and Advances which amounted to approximately $3.16 billion, $586.53 million more than $2.57 billion in 2017.

Shareholder’s equity as at June 30, 2018 stood at $2.54 billion (2017: $1.82 billion) resulting in book value per share of approximately $9.24 (2017: $6.62).


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