UNAUDITED FINANCIAL REPORT NINE MONTHS ENDED DECEMBER 31, 2021
UNAUDITED FINANCIAL REPORT
NINE MONTHS ENDED DECEMBER 31, 2021
Access Financial Services Limited
Directors¡¯ Statement
The Board of Directors of Access Financial Services Limited is
pleased to present the Consolidated Unaudited Financial Statements
of the Group for the nine months ended December 31, 2021.
Overview
Access Financial Services Limited (AFS) recorded Consolidated Net
Profit after Tax of $265 million for the nine months ended December
31, 2021, compared to $128 million for similar period in 2020.
This performance reflects an improvement in the size and quality of
the loan portfolio, resulting in higher interest income and lower credit
losses as the economy recovers from the impact of COVID-19. The
Group continues to show good operating leverage as Consolidated
Net Operating Income has increased by $118 million or 9% year
over year, while concurrently, Operating Expenses have declined by
$70 million or 6%.
As at December 31, 2021, the Group¡¯s asset base stood at $5.81
billion; an increase of $322 million or 6% in comparison to the 2020
period. Loans and Advances now stand at $4.5 billion; an increase
of 11% year over year. This is primarily due to improvements in
disbursements as the operating environment returns to normalcy and
the economy continues to improve.
Financial Performance
Net Operating Income for the nine months ended December 31,
2021, increased by 118 million to $1.47 billion; a 9% increase year
over year. The growth in operating income is attributable to growth
in net interest margins and increased recoveries on bad debts. Operating Expenses declined by $70 million or 6% for the reporting
period.
HIGHLIGHTS
Unaudited
Nine Months Ended
Dec 31, 2021
% Change
Unaudited
Audited
Nine Months Ended
Year Ended Year over Year
Dec 31, 2020 31 March, 2021
OPERATING RESULTS (INCOME STATEMENT DATA):
Net Profit After Tax - J$ millions
265
128
266
107%
FINANCIAL POSITION & STRENGTH (BALANCE SHEET DATA):
Loans & Advances - J$ billions
4.51
4.05
4.09
11%
Total Asset - J$ billions
5.81
5.49
5.49
6%
Stockholder's Equity - J$ billions
2.67
2.32
2.45
15%
14%
8%
11%
7%
$0.96
$0.47
$0.97
107%
Efficiency Ratio
75%
87%
81%
(12%)
Efficiency Ratio
(excluding Allowances for Credit Losses)
63%
65%
65%
(2%)
PROFITABILITY:
Return on average
Stockholder's Equity (R?)
Earnings Per Stock unit (EPS) - J$
Operating Expenses for the period was $1.10 billion, compared to the amount of $1.17
billion in the prior year. Allowance for credit losses decreased by $116 million or 40%
year over year due to improved delinquency management.
Net Profit after Tax for the nine months period was $265 million, representing an
improvement of 107% when compared to the amount of $128 million for the corresponding 2020 period. This resulted in Earnings per Share for the period of $0.96 compared
to $0.47 for the prior year.
2
Access Financial Services Limited
Directors¡¯ Statement
Financial Position
Total Assets as at December 31, 2021 was $5.81 billion, compared to the prior year amount of $5.49 billion as at December 31, 2020. Loans and
Advances for the Group as at the period end was $4.51 billion. This reflects an improvement of 11% year over year, and 10% since the last year
end due to the higher level of disbursements.
Total Liabilities decreased by $29 million or 1% year over year to $3.14 billion as at December 31, 2021, mainly due to a reduction in Loans
payable as at the period end.
3
Access Financial Services Limited
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2021
Assets
Cash and cash equivalents
Financial investments
Other accounts receivables
Loans and advances
Property, plant and equipment
Intangible assets
Right use of assets
Deferred tax assets
Taxation recoverable
Total Assets
Unaudited
Dec 2021
$¡¯000
Unaudited
Dec 2020
$¡¯000
Audited
March 2021
$¡¯000
365,154
554,590
543,492
5,249
5,415
5,109
70,668
40,898
47,003
4,508,023
4,045,820
4,086,669
86,941
70,622
61,509
485,038
472,785
480,699
95,667
138,884
124,867
189,732
157,027
141,741
-
-
1,682
5,808,154
5,486,041
5,491,089
Approved for issue by the Board of Directors on
January, 27 2022 and signed on its behalf by:
LIABILITIES
Payables
362,418
319,696
330,202
Loan payable
2,546,309
2,646,696
2,542,774
Lease liability
113,126
152,427
142,414
Taxation payable
116,487
48,234
24,420
Total Liabilities
3,138,340
3,167,053
3,039,810
SHAREHOLDERS' EQUITY
Share capital
Fair value reserve
96,051
96,051
96,051
3,236
3,402
3,096
194,437
108,766
130,977
2,376,090
2,110,769
2,221,155
Total Stockholders' Equity
2,669,814
2,318,988
2,451,279
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY
5,808,154
5,486,041
5,491,089
Foreign exchange translation
Retained earnings
4
Marcus James
Executive Chairman
James Morrison
Director
Access Financial Services Limited
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED DECEMBER 31, 2021
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Three Months Ended Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
Dec 2021
Dec 2020
Sept 2021
Dec 2021
Dec 2020
Audited
Year Ended
March 2021
$¡¯000
$¡¯000
$¡¯000
$¡¯000
$¡¯000
$¡¯000
411,744
1,010
418,558
377
386,847
995
1,219,240
1,691
1,129,837
5,423
1,519,924
6,009
412,754
418,935
387,843
1,220,931
1,135,260
1,525,933
(57,236)
(57,051)
(60,294)
(170,168)
(195,877)
(256,833)
355,518
106,800
361,884
106,749
327,549
108,434
1,050,762
303,992
939,383
320,854
1,269,100
412,549
462,318
468,633
435,983
1,354,754
1,260,237
1,681,649
349
273
349
869
689
935
Foreign exchanges gains / (losses)
(1,201)
(1,113)
(654)
658
(13,009)
(12,851)
Other income
33,091
32,239
38,961
38,121
23,997
23,692
109,177
110,704
99,220
86,900
149,321
137,405
494,557
507,146
459,675
1,465,459
1,347,136
1,819,054
174,046
168,670
151,264
518,482
498,908
670,511
Allowances for credit losses
52,775
60,863
111,250
174,052
289,570
294,989
Depreciation and amortization
Marketing expenses
30,210
15,033
30,502
8,976
30,894
8,334
91,173
31,643
90,274
30,429
118,351
39,390
Other operating expenses
99,253
109,344
64,231
286,164
261,898
354,508
371,316
378,355
365,973
1,101,514
1,171,078
1,477,749
123,242
(38,112)
128,791
(38,543)
93,702
(27,398)
363,945
(99,209)
176,058
(48,208)
341,305
(75,618)
85,130
90,248
66,304
264,739
127,850
265,687
(87)
(149)
140
1,032
726
(8,514)
1,148
63,462
54,869
77,080
81,647
67,303
328,341
183,751
343,493
$0.33
$0.24
$0.96
$0.47
$0.97
Operating Income
Interest income from loans
Interest income from securities
Total Interest Income
Interest expense
Net Interest Income
Net fees and commissions on loans
Other Operating Income
Money services fees and commission
Net Operating Income
Operating Expenses
Staff costs
Profit / (loss) before taxation
Taxation
PROFIT /(LOSS) FOR THE PERIOD / YEAR
OTHER COMPREHENSIVE INCOME (items that may be reclassified to profit or loss)
Unrealised gains / (losses) on investments at fair value
through other comprehensive income
481
Foreign currency translation gains /(losses)
53,982
on overseas subsidiary
139,593
TOTAL COMPREHENSIVE INCOME
EARNINGS PER STOCK UNIT - JMD cents
$0.31
5
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