November 10, 2023

Access Financial Limited (AFS) for the six months ended September 30, 2023, reported $1.06 billion in total interest income, a 20% increase relative to the $880.51 million recorded in 2022. Of this, Interest Income from Loans amounted to $1.05 billion (2022: $876.28 million), while Interest Income from Securities totalled $2.42 million (2022: $4.22 million). Total Interest Income for the quarter amounted to $557.37 million, a 25% increase from the $446.31 million recorded during the same period in 2022.

Interest Expense for the period totaled $172.72 million, a 34% increase compared to the $128.61 million booked in 2022. This resulted in AFS recording a Net Interest Income of $882.66 million for the period, a 17% increase from the $751.90 million booked in 2022.

Net Fee & Commission Income for the period under review decreased by 29% to $150.55 million from the $212.82 million booked in 2022.

Net Trading Income increased by 7% to $1.03 billion (2022: $964.72 million).

AFS reported income from money services of $644,000 (2022: $701,000), and other income of $85.94 million (2022: $72.73 million). Foreign Exchange gains of $1.87 million was reported this period relative to the $2.93 million booked same time last year. As such, Other Operating Income for the period increased 16% totaling $88.46 million compared to $76.36 million recorded in 2022.

AFS reported Operating Expenses for the period of $874.02 million (2022: $830.67 million). Of this:

• Staff Cost totaled $333.46 million (2022: $372.09 million).
• Allowance for Credit Losses amounted to $174.70 million (2022: $120.85 million).
• Depreciation & Amortization amounted to $56.12 million (2022: $55.81 million).
• Other Operating Expenses booked for the period totaled $263.18 million (2022: $268.24 million).

Consequently, Profit before taxation increased 18% to $247.65 million for the period relative to $210.42 million recorded in 2022. For the second quarter of 2023, profit before taxation amounted to $113.83 million, a 23% increase from 2022’s $92.83 million.

AFS paid taxes amounting to $63.43 million (2022: $77.40 million), AFS booked a Profit for the Period of $234.00 million, a 76% increase relative to the $133.02 million recorded for the comparable period in 2022. Profit for the second quarter was $140.38 million (2022: $55.46 million).

Total Comprehensive Income increased 109% to $260.61 million from $124.88 million booked the same time last year. AFS reported Total Comprehensive Income for the second quarter of $145.48 million (2022: $64.84 million).

Consequently, Earnings Per Share for the six months amounted to $0.85 (2022: EPS: $0.48), while Earnings Per Share for the quarter totaled $0.51 (2022: EPS: $0.20). The twelve-month trailing EPS was $1.46 and the number of shares used in these calculations was 274,509,840.

Notably, AFS’s stock price closed the trading period on November 9, 2023 at a price of $26.08 with a corresponding P/E ratio of 17.81x.

Balance Sheet Highlights

The company’s assets totalled $7.05 billion (2022: $6.31 billion). ‘Loans and advances’ growing 13% to $5.36 billion relative to $4.76 billion in 2022 led to the growth in total assets.

Shareholder’s equity was $2.89 billion (2022: $2.81 billion), representing a book value per share of $10.51 (2022: $10.25).

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