DESPITE th e economic recovery facing headwinds from new variants of the novel coronavirus, Access Financial Services Limited (AFSL) has seen its nine-month profit before taxation (PBT) of $363.95 million surpass the $341.31 million PBT earned for its 2021 financial year (FY).

The microfinance firm has seen its consolidated loan book expand from $4.09 billion in March 2021 to $4.51 billion at the end of December which resulted in it earning eight per cent more in interest income from loans of $1.22 billion. With reduced interest expenses of $170.17 million, AFSL saw its net interest income improve by 12 per cent to $1.05 billion. Although net fees and commission income fell five per cent to $303.99 million, higher other income of $109.18 million bolstered the company's total net operating income to $1.47 billion.

Though staff costs increased by four per cent to $518.48 million, expected credit loss provisions fell by 40 per cent to $174.05 million as the company's collection rates improved during the period. With total expenses lower by five per cent to $1.10 billion and taxation jumping to $99.21 million, net profit rose by 107 per cent to $264.74 million. This resulted in an earnings per share of $0.96 compared to $0.47 for the prior nine-month period.

AFSL's total assets rose by six per cent to $5.81 billion due to higher accounts receivables and greater loans and advances. This is near the $5.87 billion of total assets set in December 2019 which had a loan book of $4.92 billion. Total liabilities marginally decreased to $3.14 billion while shareholders equity climbed by 15 per cent to $2.67 billion.