May 30, 2018
Access Financial Services Limited (AFS) for the year ended March 31, 2018 reported $1.47 billion in total interest income, a 16% increase relative to the $1.27 billion recorded in 2017. Of this, Interest Income from Loans amounted to $1.46 billion (2017: $1.26 billion) while Interest Income from Securities totaled $10.62 million (2017:$9.12 million).
Interest Expense charged for the period totaled $105.57 million, a 6% decline compared with the $111.77 million booked in 2017. This resulted in AFS booking a Net Interest Income of $1.36 billion for the period, 18% more than the $1.15 billion in 2017. For the quarter, net interest income totalled $409.70 million, a 37% increase relative to the $298.98 million recorded in 2017.
Net Fees and Commission Income for the period under review amounted to $314.09 million, a 42% increase from the $221.70 million in 2017.
AFS booked a total of $1.67 billion for Net Trading Income, a 22% increase compared with the $1.38 billion in 2017. For the quarter, net trading income of $453.54 million was recorded (2017: $379.41 million).
AFS reported income from Money Services and Other Income of $1.44 million (2017: $2.13million) and $1.31 million (2017:$7.34 million) respectively. Foreign Exchange also posted a gain of $26.31 million (2017: $16.10 million). As such Other Operating Income for the period totaled $29.07 compared with $25.58 million in 2017.
AFS reported Operating Expenses for the period of $902.40 million (2017: $651.62 million). Of this:
- Staff Costs totaled $382.08 million (2017: $299.56 million)
- Allowance for Credit Losses amounted to $226.66 million(2017: $128.28 million)
- Depreciation & Amortization amounted to $19.04 million (2017: 23.57 million).
- Other Operating Expenses booked for the period totaled $274.63 million (2017:$200.20 million)
AFS reported a Profit before Taxation of $801.95 million for the period relative to $750.53 million recorded in 2017. Following a taxation amount of $85.92 million, AFS booked a Profit for the period of $716.03 million, a 1% increase relative to the $710.55 million recorded for the comparable period in 2017. For the quarter, net profit amounted to $$211.18 million, a 2% decline relative to the $216.32 million recorded in 2017.
Total Comprehensive Income for the period amounted to $716.04 million (after the addition of $17,000 from other comprehensive income).
Consequently earnings per share for the period amounted to $2.61 (2017: 2.59), while earnings per share for the quarter amounted to $0.77 (2017: 0.79). The number of shares used in this calculation was 274,509,840 units. AFS’s stock price close the trading period on May 30, 2018 at $46.10.
Balance Sheet Highlights:
As at March 31, 2018, the company’s assets totaled $3.52 billion, up 9% from $3.22 billion in 2017. Loans and Advances contributed the most to total assets. This increase was largely attributable to Loans and Advances which amounted to approximately $ 2.93 billion, $313.01 million more than $2.62 billion in 2017.
Shareholder’s equity as at March 31, 2018 stood at $2.30 billion (2017: 1.83 billion) resulting in book value per share of approximately $8.39 (2017: $6.67).
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.