ISP Finance Services Limited (ISP)
Results for the Six Months ended June 30, 2017:
Total Interest Income for the period increased by 30% to $135.79 million compared to $104.40 million for the same period last year. For the quarter the company reported total interest income of $70.26 million relative to (2016: $51.98 million).
Interest expenses increased 44% to $12.31 million from $8.56 million for the corresponding period of 2016. As a result, net interest income grew by 29% to $123.48 million (2016: $95.84 million).
ISP reported total operating expenses of $104.65 million, a 19% increase when compared to $87.81 million posted for the same period in 2016. This was mainly attributed to a 13% increase in the company’s Staff Costs totaling $53.76 million (2016: $47.55 million). Other Operating Expenses had a $9.18 million increase to total $40.45 million.
Net Income before tax was $18.67 million, an increase of 116% over the $8.64 million recorded the year prior. There was a $30,000 tax charge which led to the company reporting Net Profits of $18.64 million in 2017 (2016: $8.64 million) for the period. For the quarter the company reported net profit of $10.39 million an 11% decline (2016: $11.7 million).
EPS for the quarter totaled $0.10 compared to a EPS of $0.11 in 2016, while, EPS for the period totaled $0.18 relative to $0.08 for the corresponding period of 2016. The twelve month trailing EPS amounted to $0.48 and the number of shares used in our calculations is 105,000,000 units.
The company states that “The companies loan portfolio grew by 37% over the review period, moving from $304.7 million at June 30, 2016 to $417.2 million at the end of June 30, 2017. This demonstrates a strong and positive response from both new and existing customers to ISP’s loan promotions and product offerings”.
Balance Sheet Highlights:
A at June 30, 2017, ISP reported total assets of $475.07 million, a 43% increase when compared to $332.35 million in the prior year. This was mainly due to a 23% increase in Cash and Cash Equivalents to total $82.72 million relative to (2016: $67.25 million). There was also a 59% increase in Plant property and equipment to total $17.57 million relative to $11.07 million in 2016.
Shareholders’ Equity as at June 30, 2017 was $252.66 million compared to $192.58 million in 2016. This resulted in a book value per share of $2.41 compared to $1.83 the prior year.
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