January 31, 2022

Access Financial Services Limited (AFS) for the nine months ended December 31, 2021, reported $1.22 billion in total interest income, an 8% increase relative to the $1.14 billion recorded in 2020. Of this, Interest Income from Loans amounted to $1.219 billion (2020: $1.129 billion), while Interest Income from Securities totalled $1.69 million (2020: $5.42 million). Total Interest Income for the quarter amounted to $412.75 million, 6% higher than the $387.84 million recorded during the same period in 2020.

 Interest Expense for the period totalled $170.17 million, a 13% decrease compared to the $195.88 million booked in 2020. This resulted in AFS recording a Net Interest Income of $1.05 billion for the period, 12% greater than the $939.38 million booked in 2020. Interest expense for third quarter was $57.23 million (2020: $60.29 million).

 Net Fees and Commission Income for the period under review amounted to $303.99 million; a 5% drop from the $320.85 million in 2020.  For the quarter, AFS recorded $106.80, 2% less than in 2020 ($108.43) Given the dip,  AFS’s Net Trading Income increased by 8% to $1.35 billion (2020: $1.26 billion) with $462.32 million booked in the third quarter of 2021 (2020: $435.98 million).

AFS reported income from Money services fees of $869,000 (2020: $689,000) and other income of $109.17 million (2020: $99.22 million). Foreign Exchange income of $658,000 was reported this period relative to a loss of $13.01 million booked same time last year. As such, other operating income for the period totalled $110.74 million compared with $86.90 million recorded in 2020.

AFS reported Operating Expenses for the period of $1.10 billion (2020: $1.17 billion). Of this:

o   Staff Costs totalled $518.48 million (2020: $498.91 million)

o   Allowance for Credit Losses amounted to $174.05 million (2020: $289.57 million).

o   Depreciation & Amortization amounted to $91.17 million (2020: $90.27 million)

o   Marketing Expenses totalled $31.64 million (2020: $30.43 million)

o   Other Operating Expenses booked for the period totalled $286.16 million (2020: $261.89 million).

AFS reported Profit before Taxation of $363.95 million for the period relative to $176.06 million recorded in 2020. For the third quarter of 2021, profit before taxation amounted to $123.24 million, 32% more than 2020’s $93.70 million. AFS paid taxes amounting to $99.21 million (2020: $48.21 million), AFS booked a Net Profit for the period of $264.74 million, a 107% increase relative to the $127.85 million recorded for the comparable period in 2020. Net profit for the third quarter was $85.12 million. (2020: $66.30 million). Total comprehensive income increased 79% to $328.34 million from $183.75 million booked the same time last year. AFS reported total comprehensive income for the third quarter of $139.59 million (2020: $76.59 million).

 Earnings per share for the period amounted to $0.96 (2020: $0.47). EPS, for the third quarter, was calculated to be $0.31 (2020: $0.24). The trailing twelve months earnings per share amounted to $1.47. total number of shares used in the calculations amounted to 274,509,840 units. Additionally, AFS’s stock price closed at $23.87 as at the end of trading on January 28, 2022 with a corresponding P/E of 15.59 times.

 Balance Sheet Highlights:

 As at December 31, 2021, the company’s assets totalled $5.81 billion, up 6% from $5.49 billion in 2020. This increase was largely attributable to ‘Loans & Advances’ which amounted to approximately $4.51 billion, 11% more than the $4.05 billion recorded in 2020.

 Shareholder’s equity as at December 31, 2021 stood at $2.67 billion (2020: $2.32 billion) resulting in book value per share of approximately $9.73 (2020: $8.45). 

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