Access Financial Services says its double-digit net profit for the last financial year is the result of improved market conditions and the company's ability to improve operational efficiency.
The Access Financial Group recorded consolidated net profit after tax of $340 million for the year ended March 2024, compared to $301 million for the prior year.
Audited financial statements for the year ended March 31 show that the microlender delivered a 13% increase in net profit and reported an improvement in its operating expense ratio from 80% to 76%.
There was a 12% increase in revenue growth, which saw total revenues moving from $2.08 billion the previous year to $2.34 billion at the end of March 2024.
Access' loan portfolio grew by 21% year over year.
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