Access Financial Services Ltd (AFS), the company known for providing small and micro business loans, & personal loans, and the first company to be listed on the Jamaican Stock Exchange Jr Market, reported its 3rd quarter financial results on Tuesday November 8, 2011. They are reporting a 22% growth in their loan portfolio and year to date profits of $106.7m.
Their loan portfolio grew 22% or $96.6m from $448.8m to $545.5.4m.
Strategic moves – New products and Marketing
In the 3rd quarter the company made some strategic moves including making adjustments to its marketing for its personal loan products. They also acquired the services of overseas consultants, who assisted in the redesign of their Microbiz loan product. They report that extensive testing and pilots were done and the product was rolled out towards the 4th quarter.
They are also investing in developing additional products to be launched before year end, to increase their pool of customers.
Here are the financial highlights:
- Year to date net profit of $106.7m
- 22% growth in loan portfolio
- Net profit for the quarter of $36m ($1.2m or 3.46% increase over prior year)
- Earnings per share of $0.13
- Return on Equity of 8.5%
- Productivity ratio of 73%
- 10.5% increase in Operating Income driven by a $8m (8%) increase in Net Trading Income and a $3.5m (32%) increase in Money Service
- Revenues increased by $11.2m (10.5%) from $106.6m to $117.8m due to increases in Interest Income from Loans, Fee & Commission Income and Money Services revenue