ISP turn profit for the first quarter ended March 2017

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.

Disclaimer:
Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

2017-06-10T17:06:16+00:00