Access Financial Reports an 80.0% Decline in Profits Due to a Contraction in Revenue

• In the latest release of result from Access Financial Services Limited, the company reported an 80.0% (or $131.98Mn) contraction in unaudited net profits for the three months ended June 30, 2020. Net profits fell to $33.01Mn (EPS: 12¢) from $164.98Mn (EPS: 60¢) reported in the same period one year prior.
• This outcome was primarily driven by a 15.5%% (or $56.21Mn) decline in net interest income, a 32.9% (or $48.71Mn) fall in net fees and commission on loans, and a $20.11Mn increase in tax expenses.
• The stock has fallen 22.0% since the start of the calendar year. AFS closed Monday’s trading session at $26.90 and currently trades at a P/E of 37.4x earnings, which is below the Junior Market Financial sector average of 43.3x earnings.

 (Source: AFS Financials)