Access Financial reports profit of $158 million in the December quarter, up 12 percent from $142 million in 2016, from trading revenues that grew 18 percent to $423 million from $358 million net of interest cost.
Net profit rose to $505 million, for the nine months over 2016, an increase of just $10.6 million, a mere 3 percent over the similar period in 2016, with provision for loan losses doubling.
Total trading income for the nine months to December, grew 23 percent to $1.22 billion, an increase of $225 million over 2016 and for the December quarter the increase was $65 million to $423 million from $358 million for an increase of 18 percent.
Loans income, rose $97 million or 10 percent to $1.04 billion for the nine months and by 21 percent to $379 million for the December quarter. Net fees and commission income jumped by 91 percent for the nine months to $270 million but by just 5 percent to $73 million in the December quarter.
Amounts set aside for loan losses increased just 12 percent in the quarter to $63 million and a sharp increase of 99 percent for the nine months, to $186 million, with the latter being well ahead of the increase in income for the period. Staff cost rose 24 percent for the December quarter to $99 million and by 42 percent to $277 million for the year to date period.
Access has a long history of consistent growth in income & profits
Total operating expenses for the nine months, increased by 33 percent to $698 million over 2016 and by just 10 percent to $238 million for the last quarter.
Total assets climbed to $3.43 billion at the end of December, from $2.96 billion in the prior year with the loan portfolio rising to $2.87 billion from $2.65 billion at the end of 2016 and $2.62 billion as of March 2017. Shareholders’ equity rose to just over $2 billion.
Earnings per share for the December quarter came in at 58 cents and for the year to date period to $1.84 and should end the full year around $2.60 for the full year for a PE of 17 times. IC Insider.com is forecasting earnings of $4.50 for the 2019 fiscal year for a PE of 10 times projected earnings. The stock last traded on the Junior Market of the Jamaica Stock Exchange at $45.15.
