November 17, 2025

Access Financial Limited (AFS)
Unaudited Financials for the Six Months Ended September 30, 2025

Access Financial Limited (AFS) for the six months ended September 30, 2025, reported $1.30 billion in Total Interest Income, a 6% increase relative to the $1.23 billion recorded in 2024. Of this amount, Interest Income from Loans totaled $1.30 billion (2024: $1.22 billion), while Interest Income from Securities amounted to $3.90 million (2024: $7.76 million). Total Interest Income for the quarter was $653.88 million, a 3% increase from the $633.77 million recorded during the same period in 2024.

Interest Expense for the period totaled $204.55 million, a 5% increase compared to the $195.09 million booked in 2024. As a result, AFS recorded Net Interest Income of $1.10 billion for the period, a 6% increase relative to the $1.03 billion booked in 2024. Interest Expense for the second quarter amounted to $103.81 million (2024: $97.03 million).

Net Fee & Commission Income for the period decreased by 18% to $119.42 million from the $145.19 million booked in 2024.

Net Trading Income increased by 3% to $1.22 billion (2024: $1.18 billion), with $606.94 million booked in the second quarter of 2025 (2024: $608.30 million).

Foreign Exchange losses of $1.94 million were reported for the period, compared to losses of $3.72 million booked in the prior year. As such, Other Operating Income decreased by 12%, totaling $70.34 million compared to $79.95 million recorded in 2024.

AFS reported Operating Expenses for the period of $965.95 million (2024: $948.07 million). Of this:

• Staff Costs totaled $368.00 million (2024: $347.97 million).
• Allowance for Credit Losses amounted to $237.61 million (2024: $288.12 million).
• Depreciation & Amortization totaled $42.93 million (2024: $45.15 million).
• Other Operating Expenses amounted to $245.08 million (2024: $220.96 million).

Consequently, Profit Before Taxation increased by 4% to $321.74 million for the period relative to $308.33 million recorded in 2024. For the second quarter of 2025, Profit Before Taxation amounted to $138.78 million, a 4% decrease from the $144.99 million booked in 2024.

AFS paid taxes amounting to $115.51 million (2024: $110.78 million). The company recorded Profit for the Period of $233.90 million, an 18% increase relative to the $197.55 million recorded for the comparable period in 2024. Profit for the second quarter was $99.14 million (2024: $96.76 million).

Total Comprehensive Income increased by 13% to $248.66 million from $220.17 million booked in the prior year. Total Comprehensive Income for the second quarter amounted to $102.42 million (2024: $109.50 million).

Consequently, Earnings Per Share for the six months amounted to $0.85 (2024: $0.72), while Earnings Per Share for the quarter totaled $0.36 (2024: $0.35). The twelve-month trailing EPS was $1.97, and the number of shares used in these calculations was 274,509,840.

Notably, AFS’s stock price closed the trading period on November 14, 2025, at $19.50, with a corresponding P/E ratio of 9.91x.

Balance Sheet Highlights

The company’s assets totaled $8.32 billion (2024: $7.77 billion). This increase was primarily attributable to higher cash and cash equivalents, which amounted to $1.06 billion (2024: $649.55 million).

Shareholders’ Equity was $3.54 billion (2024: $3.11 billion), representing a Book Value per Share of $12.88 (2024: $11.32).

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.