Oct 2009 Financial News

Access Financial profit doubles

Oct 30, 2009

Access Financial Services Limited (Access Financial) increased net profits after taxes by 100 per cent to J$34.9 million for the nine month period ending September 30, 2009. Compared to the corresponding period in 2008 when Access Financial earned $17.4 million, the micro finance company grew based on a strong push to build its loan book.

The increase in interest income was driven by a 31 per cent increase in the loan portfolio which moved from $315 million as at September 30, 2008 to $412m as at September 30, 2009.

Access Financial CEO Marcus James, noted that, "As a result of our listing on the Junior Stock Exchange, we will be eligible for a 100 per cent tax concession for the next five years and a 50 per cent tax concession for years six through ten."


Source:
Jamaica Observer
Friday, October 30, 2009

http://www.jamaicaobserver.com/magazines/Business/html/20091029T200000-0500_162806_OBS_ACCESS_FINANCIAL_PROFIT_DOUBLES.asp