February 14, 2024
Access Financial Limited (AFS)
Unaudited financials for the nine months ended December 31, 2024:
Access Financial Limited (AFS), for the nine months ended December 31, 2024, reported $1.88 billion in total interest income, a 15% increase relative to the $1.64 billion recorded in 2023. Of this, interest income from loans amounted to $1.87 billion (2023: $1.63 billion), while interest income from securities totaled $10.36 million (2023: $2.52 million). Total interest income for the quarter amounted to $651.96 million, up 12% from the $581.91 million recorded during the same period in 2023.
Interest expenses for the period totaled $319.78 million, a 21% increase compared to the $265.36 million booked in 2023. This resulted in AFS recording a net interest income of $1.56 billion for the period, a 14% increase from the $1.37 billion booked in 2023. Interest expense for the third quarter amounted to $124.70 million (2023: $92.63 million).
Net Fee & commission income for the period under review decreased by 4% to $213.63 million from the $222.54 million booked in 2023. Net Trading Income increased by 11% to $1.77 billion (2023: $1.59 billion), with $595.70 million booked in the third quarter of 2024 (2023: $561.27 million). Foreign exchange losses of $5.38 million were reported during this period relative to gains of $1.97 million booked at the same time last year. As such, other operating income for the period decreased 18%, totaling $105.18 million compared to $127.55 million recorded in 2023.
AFS reported operating expenses of $1.37 billion (2023: $1.34 billion). Of this, staff costs totaled $506.18 million (2023: $524.68 million). Allowance for Credit Losses amounted to $407.19 million (2023: $269.82 million). Depreciation & Amortization amounted to $68.00 million (2023: $83.47 million). Other operating expenses booked for the period totaled $318.07 million (2023: $396.70 million).
Consequently, profit before taxation increased 34% to $506.80 million for the period relative to $378.26 million recorded in 2023. For the third quarter of 2024, profit before taxation amounted to $198.47 million, a 52% increase from 2023’s $130.60 million.
AFS paid taxes amounting to $180.79 million (2023: $103.07 million). AFS booked a profit for the period of $352.77 million, a 9% increase relative to the $324.97 million recorded for the comparable period in 2023. Profit for the period for the third quarter was $155.22 million (2023: $90.97 million). Total comprehensive income increased 3% to $362.83 million from $351.58 million booked last year. AFS reported Total Comprehensive Income for the third quarter of $142.67 million (2023: $87.83 million).
Consequently, Earnings Per Share for the nine months amounted to $1.29 (2023: EPS: $1.18), while Earnings Per Share for the quarter totalled $0.57 (2023: EPS: $0.33). The twelve-month trailing EPS was $1.34, and the number of shares used in these calculations was 274,509,840.
Notably, AFS’s stock price closed the trading period on February 13, 2025, at $17.53 with a corresponding P/E ratio of 13.08x.
Balance Sheet Highlights
The company’s assets totaled $7.97 billion (2023: $7.22 billion). The company’s total asset growth is primarily driven by a 54% year-over-year (YoY) increase in Cash and Cash Equivalents, which reached $761.83 million by the end of the quarter, up from $493.80 million in 2023. Additionally, there was a 76% YoY rise in Other Accounts Receivable, which ended the quarter at JMD 160.05 million, compared to JMD 91.14 million in 2023. Loans and advances also saw a 9% YoY increase, closing the quarter at $6.15 billion, up from $5.66 billion in 2023.
Shareholder’s equity was $3.22 billion (2023: $2.94 billion), representing a book value per share of $11.72 (2023: $10.71).
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