Net profit up for ISP's 4th quarterWednesday, February 17, 2021
MICROCREDIT financial provider ISP Financial Services reported an unaudited net profit of $19.6 million for the fourth quarter ended December 31, 2020, representing an increase of $2.6 million or 15.3 per cent over the previous corresponding period.
This increase, as indicated by ISP principals in the financial statement to shareholders, was attributable to operating efficiencies and increased productivity due to new work-from-home systems.
While the company's operating income increased by 32.2 per cent, or $24.8 million, to $99.6 million in the reporting period, operating expenses amounted to $79.9 million — an increase of 38.6 per cent over the previous corresponding period which recorded $57.7 million.
“The company has maintained its cost of operations while meeting greater customer demands. While additional expenses were incurred in setting a cloud operating platform, the investment has supported our business development and collections functions,” ISP said in its report.
It added that while the economy continues to be affected by the novel coronavirus pandemic, it has been able to respond to its customers' loan needs.
For the period under review, total assets grew by $47.9 million to $751.6 million, attributable to the company's loan portfolio which increased by 2.5 per cent over the review period, moving to $659.5 million at December 31, 2020 from $643.6 million at the end of December 31, 2019.
Earnings per share stood at $0.187 at the end of the quarter under review, a 15.3 per cent increase over the $0.163 recorded in the previous corresponding period.
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