Access Financial Services Ltd says a 19 per cent climb in revenue and an improvement in net profit margin to 34 per cent for the financial year ended December 31 was due to its aggressive loan push.

The microfinance company saw loan book doubling in size last year. For the year ended December 2015, loans grew 104 per cent to $2.2 billion compared to $1.08 billion at year end December 2014.

Access is a micro-financier, providing both personal and business loans throughout its retail network of seventeen branches. The company began operations in September 2000 and was listed on the Junior Market in August 2009.

CEO Marcus James said in the preface to the year’s financials that improvement in asset value was driven by growth in the loan book . For the new financial year, he stated, the company will continue on this trajectory and will also pursue operational efficiency.

The company provides loans to individuals and businesses that often cannot meet the requirements of larger traditional financial institutions, which require collateral and have more stringent underwriting standards. Company revenues to December 31, 2015, climbed 19 per cent to $1.26 billion, up from $1.1 billion the year before.

Net fee and commission income, or net trading income, climbed from $990.3 million at year-end 2014, up 27 per cent to $1.146 billion in 2015. The company’s profit climbed 42 per cent, year over year, to $128 million.

Marcus James said that customer retention was also a factor in loan growth. He told the

Jamaica Observer, “Over the past 15 years we have provided our customers with exceptional customer service which has resulted in growth in new customers and also a very high customer retention rate. We actively work at innovating and raising the bar on the level of service that we provide to our customers and this has resulted in significant growth in our loan portfolios.”

He said that recently Access Financial Services made adjustments to loan products “which made them more attractive to our target market. Customers who require cash quickly are able to walk into any one of our 17 branches and receive a personal loan within two hours and a micro business loan within two days. Our surveys have revealed that these are the fastest loan turnaround times available anywhere”.

The CEO said there were also seasonal promotions, such as one being done for the Valentine period which includes loan specials which will allow clients to access reduced interest rates and larger loan amounts.

“Typically Access specials have been well received and customers use the opportunity to pay out loans that they have with other institutions as well as receive some cash in hand,” he said.