August 04, 2022
Access Financial Services Limited (AFS) for the three months ended June 30, 2022, reported $434.20 million in total interest income, a 12% increase relative to the $389.24 million recorded in 2021. Of this, Interest Income from Loans amounted to $432.45 million (2020: $388.94 million), while Interest Income from Securities totalled $1.76 million (2020: $304,000).
Interest Expense for the period totalled $61.56 million, a 10% increase compared to the $55.88 million booked in 2021. This resulted in AFS booking a Net Interest Income of $372.64 million for the period, 12% greater than the $333.36 million booked in 2021.
Net Fees and Commission Income for the period under review amounted to $110.32 million, a 23% increase from the $90.05 million in 2021. As a result, AFS booked a total of $482.96 million for Net Trading Income, a 14% increase from the $423.41 million booked for the comparable period in 2021.
AFS reported income from Money services fees and commission of $388,000 (2021: $247,000) and from other income of $40.67 million (2021: $37.13 million). Foreign Exchange loss of $1.12 million was reported relative to a gain of $2.97 million booked same time last year. As such, other operating income for the period totalled $39.94 million compared with $40.34 million recorded in 2021.
AFS reported Operating Expenses for the period of $405.31 million (2021: $351.84 million). Of this:
Staff Costs totalled $193.21 million (2021: $175.77 million)
Allowance for Credit Losses amounted to $66.95 million (2021: $60.42 million).
Depreciation & Amortization amounted to $29.25 million (2021: $30.46 million)
Marketing Expenses totalled $5.73 million (2021: $7.63 million)
Other Operating Expenses booked for the period totalled $110.17 million (2021: $77.57 million).
AFS reported Profit before Taxation of $117.59 million for the period relative to $111.91 million recorded in 2021. Following a taxation amount of $40.03 million (2021: $22.55 million), AFS booked a Profit for the period of $77.56 million, a 13% decrease relative to the $89.36 million recorded for the comparable period in 2021.
Total comprehensive income decreased 44% to $60.05 million from $107.10 million booked same time last year.
Consequently, earnings per share for the period amounted to $0.28 (2021: 0.33). The trailing twelve months earnings per share amounted to $1.55. The total number of shares used in the calculations amounted to 274,509,840 units. Additionally, AFS’s stock price closed at $22.55 as at the end of trading on August 4, 2022, with a corresponding P/E of 14.53 times.
Balance Sheet Highlights:
As at June 30, 2022, the company’s assets totalled $5.84 billion, up 9% from $5.37 billion in 2021. This increase was largely attributable to ‘Loans and Advances’ which amounted to approximately $4.65 billion, 12% more than $4.15 billion in 2021.
Shareholder’s equity as at June 30, 2022 stood at $2.86 billion (2021: $2.56 billion) resulting in book value per share of approximately $10.41 (2021: $9.32).
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