November 11, 2024
Unaudited financials for the Six months ended September 30, 2024:
Access Financial Limited (AFS) for the six months ended September 30, 2024, reported $1.23 billion in total interest income, a 16% increase relative to the $1.06 billion recorded in 2023. Of this, Interest Income from Loans amounted to $1.22 billion (2023: $1.05 billion), while Interest Income from Securities totaled $7.76 million (2023: $2.42 million). Total Interest Income for the quarter amounted to $633.77 million, a 14% increase from the $557.37 million recorded during the same period in 2023.
Interest Expense for the period totaled $195.09 million, a 13% increase compared to the $172.72 million booked in 2023. This resulted in AFS recording a Net Interest Income of $1.03 billion for the period, a 17% increase from the $882.66 million booked in 2023. Interest Expense for the second quarter amounted to $97.03 million (2023: $90.12 million). Net Fee & Commission Income for the period under review decreased by 4% to $145.19 million from the $150.55 million booked in 2023.
Net Trading Income increased by 14% to $1.18 billion (2023: $1.03 billion), with $608.30 million booked in the second quarter of 2024 (2023: $523.35 million).
AFS reported income from money services of $4,000 (2023: $644,000) and other income of $83.67 million (2023: $85.94 million). Foreign Exchange losses of $3.72 million were reported this period compared foreign exchange income of $1.87 million booked same time last year.
AFS reported Operating Expenses for the period of $948.06 million (2023: $874.02 million). Of this:
• Staff Cost totaled $347.97 million (2023: $333.46 million).
• Allowance for Credit Losses amounted to $225.12 million (2023: $174.70 million).
• Depreciation & Amortization amounted to $45.15 million (2023: $56.12 million).
• Other Operating Expenses booked for the period totaled $283.96 million (2023: $263.18 million).
Consequently, Profit before taxation increased 25% to $308.33 million for the period compared to $274.65 million recorded in 2023. For the second quarter of 2024, profit before taxation amounted to $114.99 million, a 27% increase from 2023’s $113.83 million.
AFS paid taxes amounting to $110.78 million (2023: $63.43 million), AFS booked a Profit for the Period for the period of $197.55 million, a 16% decrease relative to the $234.00 million recorded for the comparable period in 2023. Profits for the Period for the second quarter were $96.76 million (2023: $140.38 million). Total Comprehensive Income decreased 16% to $220.17 million from $260.61 million booked at the same time last year. AFS reported Total Comprehensive Income for the second quarter of $109.50 million (2023: $145.48 million).
Consequently, Earnings Per Share for the Six months amounted to $0.72 (2023: EPS: $0.85), while Earnings Per Share for the quarter totaled $0.35 (2023: EPS: $0.51). The twelve-month trailing EPS was $1.11 and the number of shares used in these calculations was 274,509,840.
Notably, AFS’s stock price closed the trading period on November 07, 2024, at a price of $18.96 with a corresponding P/E ratio of 17.14x.
Balance Sheet Highlights
The company’s assets totalled $7.77 billion (2023: $7.05 billion). The increase in the company’s total asset base can be attributed to a 12% YoY increase in “Loans and Advances” ending the period at $6.02 billion (2023: $5.36 billion), and a 12% YoY increase in “Other Accounts Receivable” ending the period at 208.13 million (2023: 89.59 million).
Shareholders’ equity was $3.11 billion (2023: $2.89 billion), representing a book value per share of $11.32 (2023: $10.51).
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