For the first quarter ended March 31, 2017, ISP Finance Services Limited’s (ISP) Total Interest Income amounted $65.53 million compared to $52.43 million in 2016, an increase of 25%. It is broken down as follows:

 Interest Income from Loans grew by 26% to total $64.28 million relative to $51.21 million reported in the same period of 2016.
 Interest Income from Banks and Other Receivables was up 3%, amounting to $1.25 million (2016: $1.21 million).

Interest Expense totaled $6.33 million relative to $4.35 million in 2017; this represents a 45% increase. As a result, Net Interest Income grew by 23% to total $59.2 million (2016: $48.07 million).

Commission Expense grew by 69% to $880,129 (2016: $521,978). Foreign Exchange Gain totaled $1.23 million (2016: Nil), while Other Income amounted to $11,081 (2016:1.45 million).

The company’s Total Operating Expense amounted to $51.32 million down from $52.09 million in 2016. The expenses are broken down as follows:

 Staff Costs amounted to $26.72 million (2016: $21.89 million)
 Allowance for Credit Loss totalled $3.84 (2016: 3.75 million)
 Depreciation was $1.46 million (2016: 720,784)
 Other Operating Expenses amounted to $19.31 million (2016: $25.73 million)

Consequently, Net Profit for the quarter amounted to $8.25 million relative to a Net Loss of $3.09 million in 2016.

As a result, EPS closed at $0.079 (2016: LPS $0.029). The 12-month trailing EPS is $0.48 and the number of shares used in our calculations is 105,000,000 units.

Balance Sheet Highlights:

The Company, as at March 31, 2017, recorded Total Assets of $463.77 million, an increase of 33% year over year.

Total Stockholders’ Equity as at March 31, 2017 was $242.26 million, resulting in a book value of $2.31 per share.

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