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Access Financial profit doubles
Friday, October 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."
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