August 15, 2023

Access Financial Limited (AFS) for the first quarter ended June 30, 2023, reported $498.01 million in total interest income, a 15% increase relative to the $434.20 million recorded in 2022. Of this, Interest Income from Loans amounted to $497.28 million (2022: $432.45 million), while Interest Income from Securities totalled $727,000 (2022: $1.76 million).

Interest Expense for the period totaled $82.60 million, a 34% increase compared to the $61.56 million booked in 2022. This resulted in AFS recording a Net Interest Income of $415.41 million for the period, an 11% increase from the $372.64 million booked in 2022.

Net Fees & Commission Income for the first quarter decreased by 14% to $94.45 million from the $110.32 million booked in 2022.

Net Trading Income increased by 6% to $509.86 million (2022: $482.96 million).

AFS reported income from money services of $310,000 (2022: $388,000) and other income of $50.05 million (2022: $40.67 million). Foreign exchange gains of $3.22 million was reported this period relative foreign exchange losses of $1.12 million booked same time last year. As such, Other Operating Income for the period increased 34% totaling $53.57 million compared to $39.94 million recorded in 2022.

AFS reported Operating Expenses for the period of $420.64 million (2022: $405.31 million). Of this:

• Staff Cost totaled $166.73 million (2022: $193.21 million).
• Allowance for Credit Losses amounted to $85.40 million (2022: $66.95 million).
• Depreciation & Amortization amounted to $29.04 million (2022: $29.25 million).
• Other Operating Expenses booked for the period totaled $113.87 million (2022: $110.17 million).

Consequently, Profit before taxation increased 21% to $142.79 million for the period relative to $117.59 million recorded in 2022.

AFS paid taxes amounting to $49.16 million (2022: $40.03 million), AFS booked profit for the period of $93.63 million, a 21% increase relative to the $77.56 million recorded for the comparable period in 2022.

Total Comprehensive Income increased 92% to $115.14 million from $60.05 million booked the same time last year.

Consequently, Earnings Per Share for the first quarter amounted to $0.34 (2022: EPS: $0.28), The twelve month trailing EPS was $1.16 and the number of shares used in these calculations was 274,509,840.

Notably, AFS’s stock price closed the trading period on August 14, 2023 at a price of $22.85 with a corresponding P/E ratio of 19.78x.

Balance Sheet Highlights

The company’s assets totalled $6.69 billion (2022: $5.84 billion). ‘Loans and advances’ amounted to $5.14 billion (2022: $4.65 billion).

Shareholder’s equity was $2.77 billion (2022: $2.86 billion), representing a book value per share of $10.10 (2022: $10.41).

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