Access Financial Services’ profit increased 13 percent in the June quarter and is up by 17 percent in the September quarter, to reach $93.57 million that is still down from the robust 30 percent increased profit, in the March quarter.
The third quarter profit grew much more slowly than revenues that grew 31 percent to $272 million and slightly more than in the second quarter’s $267 million and $254 million in the March 2014 quarter.
For the nine months to September, profit is up by 20 percent to $239 million or 87 cents per share. The company becomes taxable in the December quarter, but earnings should surpass $1.20 per share for the full year. In the nine months to September, revenues climbed 37 percent to $793 million from $579 million in 2013, continuing its strong growth trajectory since the shares were listed. The December quarter is traditionally the biggest quarter in income and profit generation. All things being equal, the earnings of 34 cents in the September quarter, should be well surpassed and putting full year earnings around $1.40 per share.
Increase in the provision for bad loans climbed much faster than revenues in 2014 so far, with $54.6 million provided in the latest quarter, bringing the nine months to $169 million compared with $52 million in 2013. The nine months provision amounts to 23.4 percent of the loan income, this is a major increase from 12.6 percent for full twelve months of last year.
Access should generate in excess of 50 percent return on equity for the current year. As of September, equity stood at $744 million, loans on the books is at $1.1 billion, a 26 percent jump from $889 million at September last year. Total borrowed funds used in the financing of the business, amount to $582 million compared to $422 million in September last year, cash funds stand at $146 million.
The company paid a dividend of 36.5 cents per share payable to shareholders on September 1st this year.
Revenues up strongly at Access
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[…] Access Financial will pay only $4.7 million having enjoyed tax free profit for part of 2014. The tax charge left $306.7 million in net profits or $1.12 per shares up from $270 million in 2013. But Access suffered a big increase in bad loans amounting to $229 million, more than doubling the $95.7 million in 2013. Not reflected in the bad debt figure is $14.4 million listed in the financial as recoverable, in 2013 the amount was $12.78 million. Gross interest revenues were up by 29.5 percent to $938 million and net income of lending moved to 990 million an increase of 29.7 percent. Other expenses rose by 18.3 percent. For 2015 and the following 4 years, less a quarter, the company will be subject to tax on profit at 12.5 percent or 50 percent of the regular tax rate. The stock sells at a high premium to net asset value of $2.96 per share compared to the stock price of $9.60 but that is partially explained by the rich 43 percent return on equity. At the end of the year loans advanced fell to $1.085 billion from $1.12 billion in at the end of 2013 while loans received fell from $543 million to $317.7 million and cash funds increased to $127.9 million from $49 million. […]
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[…] 7 securities that had no stocks being offered for sale. Stocks trading in the junior market are, Access Financial traded 10.000 shares and closed 1 cent higher at $9.40, Dolphin Cove closed with 300 shares changing […]
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[…] 6 securities that had no stocks being offered for sale. Stocks trading in the junior market are, Access Financial closing with 1,500 shares to end at $9.30 with an increase of 10 cents, Blue Power trading 7,500 […]
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[…] 20, 2015 to stockholders on record as at March 6. The stock will traded ex-dividend on March 4. Access last paid an interim dividend of 36.5 cents on September 1. Prior to the 2014 payment Access also […]
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[…] 7 securities that had no stocks being offered for sale. Stocks trading in the junior market are, Access Financial closed with 6,920 shares trading with an increase of 24 cents to $9.20. Cargo Handlers exchanged […]
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[…] traded 14,065,475 units of Access Financial shares at $9 on Monday but the transactions were cancelled after the market closed. Apparently, the […]
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[…] closing with no bids to buy. There were 4 securities that had no stocks being offered for sale. Access Financial traded 2,400 shares at $9, Caribbean Producers traded 76,978 units to end at $2.20, and lost 1 […]
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[…] close at 70 cents, Sweet River Abattoir ended with 4,800 shares changing hands to close at $3.86, Access Financial ended with 4,100 units as the price slipped $1.01, to $9 and Lasco Manufacturing closed with 148,838 […]
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[…] closing with no bids to buy. There were 5 securities that had no stocks being offered for sale. Access Financial Services traded 900 shares at $10.01, Caribbean Producers finished trading with 93,000 shares while losing 20 […]
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[…] closing with no bids to buy. There were 6 securities that had no stocks being offered for sale. Access Financial ended with only 500 units at $10.01, Caribbean Producers traded 60,000 shares to end with an […]
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[…] closing with no bids to buy. There were 5 securities that had no stocks being offered for sale. Access Financial with 3,295 shares closed at $10.01 and Lasco Manufacturing had 84,000 units trading to close at 91 […]
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[…] that had no stocks being offered for sale. The stocks that traded firm in the junior market are, Access Financial with 9,700 units to close at $10.01, Caribbean Flavours 67,195 units, closed at $2.35 and Lasco […]
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[…] were 4 securities that had no stocks being offered for sale. Junior market stocks trading are, Access Financial with 705 shares, lost 47 cents to end at $10.01, Caribbean Producers with 26,028 shares lost 15 […]
[…] to buy and 10 that had no stocks being offered for sale. Stocks trading in the junior market are, Access Financial trading only 100 shares at $13.22, as the price rose $1.72, Paramount Trading gained 20 cents in […]