ACCESS Financial Services Limited has plans to expand its islandwide presence this year, CEO Marcus James said yesterday.

The newest branch of the micro-financing company opened at Duke Street in downtown Kingston in March, bringing the total number of offices across the country to 14.

The firm will further broaden its branch network in 2012, said James.

“We are constantly looking at the marketplace to identify new opportunities,” he told the Jamaica Observer.

The company issues both personal loans and credit to small and medium-sized businesses, but James was tight-lipped about future branch locations.

“We haven’t identified any specific areas as yet,” he said.

The company can afford to expand after reporting an increase of over 20 per cent in net profits for the first quarter of 2012, compared to the figure for the same period last year.

Access Financial Services made $42 million net for this year’s first quarter, up from $33 million in March of 2011, according to its most recent financial statement.

The firm attributed this to an increase in the loans disbursed to customers, as well as the introduction of a number of new loan services.

Total operating income for the company rose by 39 per cent for the first quarter of this year. This was mainly due to growth in net trading revenues, which moved to $133.8 million from $94 million in the first quarter of 2011.

Operating expenses for the quarter increased by almost 40 per cent, while total assets for the company increased by 18 per cent from last year to over $800 million.

The financial statement reported an eight per cent reduction in total liabilities to the tune of $25 million.

“The company’s stockholders equity moved positively by $170.7 million to 526.1 million as result of retained earnings generated during the year,” said the firm.