Access Financial Does Ruthless Cost Cutting To See Rebound In 2021 Fourth Quarter

June 11, 2021

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

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