June 27, 2022
Access Financial Services Limited (AFS) for year ended March 31, 2022, reported $1.64 billion in total interest income, an 8% increase relative to the $1.53 billion recorded in 2021. Of this, Interest Income from Loans amounted to $1.64 billion (2021: $1.52 billion), while Interest Income from Securities totaled $4.33 million (2021: $6.01 million). Total Interest Income for the quarter amounted to $422.17 million, 8% higher than the $390.67 million recorded during the same period in 2021.
Interest Expense for the period totaled $219.62 million, a 14% decrease compared to the $256.83 million booked in 2021. This resulted in AFS recording a Net Interest Income of $1.42 billion for the period, 12% greater than the $1.27 billion booked in 2021. Interest expense for fourth quarter was $49.45 million (2021: $60.96 million).
Net Fees and Commission Income for the period under review amounted to $416.84 million; a marginal 1% increase from the $412.55 million in 2021. For the quarter, Net Fee & Commission Income amounted to $112.85 million, 23% greater than in 2021 ($91.70 million ).
Net Trading Income increased by 9% to $1.84 billion (2021: $1.68 billion) with $485.57 million booked in the fourth quarter of 2022 (2021: $421.42 million).
AFS reported income from Money Services fees of $1.20 million (2021: $935,000) and other income of $141.63 million (2021: $149.32 million). Foreign Exchange loss of $4.65 million was reported this period relative to a loss of $12.85 million booked same time last year. As such, Other Operating Income for the period totaled $138.18 million compared to $137.41 million recorded in 2021.
AFS reported Operating Expenses for the period of $1.41 billion (2021: $1.48 billion). Of this:
- Staff Costs totaled $690.36 million (2021: $670.51 million)
- Allowance for Credit Losses amounted to $144.69 million (2021: $294.99 million).
- Depreciation & Amortization amounted to $117.39 million (2021: $118.35 million)
- Other Operating Expenses booked for the period totaled $453.36 million (2021: $393.90 million).
AFS reported Profit before Taxation of $572.70 million for the period relative to $341.31 million recorded in 2021. For the fourth quarter of 2022, profit before taxation amounted to $208.76 million, 26% more than 2021’s $165.25 million.
AFS paid taxes amounting to $134.81 million (2021: $75.62 million), AFS booked a Net Profit for the period of $437.89 million, a 65% increase relative to the $265.69 million recorded for the comparable period in 2021. Net profit for the fourth quarter was $173.15 million (2021: $137.84 million). Total comprehensive income increased 45% to $497.73 million from $343.49 million booked the same time last year. AFS reported total comprehensive income for the fourth quarter of $272.20 million (2021: $138.84 million).
Earnings per share for the period amounted to $1.60 (2021: $0.97). EPS, for the fourth quarter, was calculated to be $0.63 (2021: $0.50). Total number of shares used in the calculations amounted to 274,509,840 units. Additionally, AFS’s stock price closed at $21.46 as at the end of trading on June 24, 2022 with a corresponding P/E of 13.45 times.
Balance Sheet Highlights:
As at March 31, 2022, the company’s assets totaled $5.68 billion, up 3% from $5.49 billion in 2021. This increase was largely attributable to ‘Loans & Advances’ which amounted to approximately $4.51 billion, 10% more than the $4.09 billion recorded in 2021.
Shareholder’s equity as at March 31, 2022 stood at $2.80 billion (2021: $2.45 billion) resulting in book value per share of approximately $10.19 (2021: $8.93).
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