Access Financial Services reports 24 per cent decline in net profit

 

Access Financial Services is reporting a 24 per cent decline in net profit for the three months ended June.

 

The financial services company earned $102 million after tax, a 24 per cent decline from the corresponding quarter last year.

 

Access says the decline was mainly due to lower operating income from a smaller loan portfolio, following loan write-offs at the end of March and continued portfolio run-off at its subsidiary. However, the company says the underlying decline was closer to four per cent, after excluding an exceptional $28 million gain recorded in the same quarter last year.

 

Net operating income fell four per cent to $618 million, while the allowance for credit losses declined 26 per cent, reflecting improved credit quality and collections.

 

The company says its balance sheet remains robust and that it is well positioned to pursue its financial objectives for the 2027 financial year.