August 18, 2026
Access Financial Services Limited (AFS)
Unaudited financials for the three months ended June 30, 2026:
Access Financial Services Limited (AFS) for the first quarter ended June 30, 2026, reported a 4% decrease in Total Interest Income totalling $623.75 million compared to $648.60 million for the comparable quarter of 2025. Interest income from loans declined 4% to $620.45 million (2025: $647.43 million), reflecting a smaller average loan portfolio following the loan write-offs effected at the March 2026 year end and the subsidiary’s continued portfolio run-off, while Interest income from securities advanced to $3.30 million (2025: $1.17 million).
Interest Expense amounted to $93.03 million (2025: $100.75 million), a reduction of 8% year over year, reflecting lower funding costs and continued optimisation of the Company’s funding mix. Consequently, Net Interest Income declined 3% to $530.72 million compared with $547.85 million booked for the three months ended June 30, 2025.
Fees and commissions on loans contracted 30% to $43.96 million (2025: $62.55 million) on lower loan origination activity. As such, net interest income together with fees and commissions totalled $574.68 million, a 6% reduction relative to $610.40 million in 2025.
Other Operating Income advanced 18% to $43.68 million (2025: $36.92 million), as Other income, which includes loan recovery income, rose 22% to $46.01 million (2025: $37.83 million), partly offset by foreign exchange losses of $2.32 million (2025: $935,000).
Consequently, Net Operating Income for the quarter amounted to $618.37 million, a 4% decline relative to $647.32 million reported for the corresponding quarter of 2025.
Operating expenses for the quarter totalled $463.54 million, broadly in line with the $464.37 million reported in 2025, declining marginally by $828,000 notwithstanding inflationary pressures. Allowances for credit losses fell 26% to $97.65 million (2025: $131.98 million), reflecting improved credit quality and collection performance, Marketing expenses declined 50% to $12.48 million (2025: $25.19 million) on a more targeted approach to marketing expenditure, and Depreciation and amortization eased 4% to $21.24 million (2025: $22.16 million). These reductions absorbed a 10% increase in Staff costs to $179.56 million (2025: $163.17 million) and a 25% increase in Other operating expenses to $152.62 million (2025: $121.87 million), the latter including a non-recurring reconciliation adjustment.
As a result, Profit before Taxation for the three months ended June 30, 2026, amounted to $154.82 million, a 15% decline relative to $182.95 million reported in 2025. No exceptional item was recorded in the current quarter (2025: exceptional gain of $27.68 million).
Taxation for the quarter amounted to $52.47 million, a 31% decrease relative to $75.87 million reported in 2025. As such, Net Profit for the three months ended June 30, 2026, had a 24% decrease to reach $102.35 million (2025: $134.76 million). Excluding the prior year exceptional gain, management noted that the underlying decline in net profit after tax was approximately 4%.
Total Comprehensive Income for the quarter closed at $100.61 million relative to $146.24 million in 2025, following a foreign currency translation loss on the overseas subsidiary of $1.75 million (2025: gain of $11.48 million).
Consequently, Earnings Per Share for the quarter amounted to $0.37 (2025: EPS: $0.49). The twelve-month trailing EPS was $1.19, and the number of shares used in these calculations was 274,509,840.
Notably, AFS’s stock price closed the trading period on August 17, 2026, at a price of $16.11 with a corresponding P/E ratio of 13.56x.
Balance Sheet Highlights
The Group’s assets totalled $8.20 billion (2025: $7.82 billion), an increase of 5% or $380.43 million, and 2% above the $8.08 billion reported at March 31, 2026. Notably, Cash resources led the growth in total assets with an increase of $636.61 million or 96% to close at $1.30 billion, while Property, plant and equipment advanced $23.51 million or 48% to $71.98 million. These increases were partly offset by a $248.43 million or 4% decline in Loans and advances to $5.99 billion, reflecting the subsidiary’s continued portfolio run-off, with its average net loan portfolio down 35%, together with a marginal 1% decline in Access’s average net loan portfolio principally reflecting the loan write-offs effected at the March 2026 year end. Other accounts receivable declined $14.59 million or 9% to $153.36 million, Right of use assets fell $9.18 million or 10% to $79.41 million, Deferred tax assets eased $3.65 million to $152.16 million, and Intangible assets declined $3.83 million to $453.40 million.
Total Liabilities amounted to $4.48 billion (2025: $4.30 billion), up 4%. Loan payable increased 10% to $3.86 billion (2025: $3.52 billion), driven by increased utilisation of existing committed credit facilities to support funding requirements, and Accounts payable rose 4% to $457.68 million (2025: $439.45 million). These were partly offset by a 70% reduction in Taxation payable to $70.19 million (2025: $235.31 million) and a 12% decline in Lease liability to $91.00 million (2025: $103.85 million).
Shareholder’s equity was $3.72 billion (2025: $3.52 billion), an increase of 6% driven primarily by retained earnings, representing a book value per share of $13.54 (2025: $12.82).
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