Access Financial had a big fourth quarter and ended the year with profits only down 19%, mainly due to MAJOR cost cuts in the 4th quarter.
Up to Q3 their profit for the three quarters combined was behind last year’s results by a drastic 65%. So to end the year only down 19% shows you the feat of Q4… with the fourth quarter income only up slightly.
They managed to end the year with income down 15% and expenses down 16% vs last year.
For the 4th quarter ending March 2021
- Profits of $138m. Biggest quarter in more than a year
- While Income is up slightly, the big quarter came from a 35% cut in their expenses. A reduction of almost $170m vs last year
- Staff costs down 15%
- Depreciation down 65% from $79m to $28m
- Other opex cut in half from $190m to $93m
- And, the company only recorded a $5m expense for credit losses vs expenses of over $100m in the third quarter
- Very good end to the year, considering where they were as at December