November 11, 2024
Unaudited financials for the Six months ended September 30, 2024:
Access Financial Limited (AFS) for the six months ended September 30, 2024, reported $1.23 billion in total interest income, a 16% increase relative to the $1.06 billion recorded in 2023. Of this, Interest Income from Loans amounted to $1.22 billion (2023: $1.05 billion), while Interest Income from Securities totaled $7.76 million (2023: $2.42 million). Total Interest Income for the quarter amounted to $633.77 million, a 14% increase from the $557.37 million recorded during the same period in 2023.
Interest Expense for the period totaled $195.09 million, a 13% increase compared to the $172.72 million booked in 2023. This resulted in AFS recording a Net Interest Income of $1.03 billion for the period, a 17% increase from the $882.66 million booked in 2023. Interest Expense for the second quarter amounted to $97.03 million (2023: $90.12 million). Net Fee & Commission Income for the period under review decreased by 4% to $145.19 million from the $150.55 million booked in 2023.
Net Trading Income increased by 14% to $1.18 billion (2023: $1.03 billion), with $608.30 million booked in the second quarter of 2024 (2023: $523.35 million).
AFS reported income from money services of $4,000 (2023: $644,000) and other income of $83.67 million (2023: $85.94 million). Foreign Exchange losses of $3.72 million were reported this period compared foreign exchange income of $1.87 million booked same time last year.
AFS reported Operating Expenses for the period of $948.06 million (2023: $874.02 million). Of this:
• Staff Cost totaled $347.97 million (2023: $333.46 million).
• Allowance for Credit Losses amounted to $225.12 million (2023: $174.70 million).
• Depreciation & Amortization amounted to $45.15 million (2023: $56.12 million).
• Other Operating Expenses booked for the period totaled $283.96 million (2023: $263.18 million).
Consequently, Profit before taxation increased 25% to $308.33 million for the period compared to $274.65 million recorded in 2023. For the second quarter of 2024, profit before taxation amounted to $114.99 million, a 27% increase from 2023’s $113.83 million.
AFS paid taxes amounting to $110.78 million (2023: $63.43 million), AFS booked a Profit for the Period for the period of $197.55 million, a 16% decrease relative to the $234.00 million recorded for the comparable period in 2023. Profits for the Period for the second quarter were $96.76 million (2023: $140.38 million). Total Comprehensive Income decreased 16% to $220.17 million from $260.61 million booked at the same time last year. AFS reported Total Comprehensive Income for the second quarter of $109.50 million (2023: $145.48 million).
Consequently, Earnings Per Share for the Six months amounted to $0.72 (2023: EPS: $0.85), while Earnings Per Share for the quarter totaled $0.35 (2023: EPS: $0.51). The twelve-month trailing EPS was $1.11 and the number of shares used in these calculations was 274,509,840.
Notably, AFS’s stock price closed the trading period on November 07, 2024, at a price of $18.96 with a corresponding P/E ratio of 17.14x.
Balance Sheet Highlights
The company’s assets totalled $7.77 billion (2023: $7.05 billion). The increase in the company’s total asset base can be attributed to a 12% YoY increase in “Loans and Advances” ending the period at $6.02 billion (2023: $5.36 billion), and a 12% YoY increase in “Other Accounts Receivable” ending the period at 208.13 million (2023: 89.59 million).
Shareholders’ equity was $3.11 billion (2023: $2.89 billion), representing a book value per share of $11.32 (2023: $10.51).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. 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.