ISP Finance acquires $1.2 billion million loan portfolio

 


ISP Finance Services Limited on February 12, 2025, announced that the company has acquired a loan portfolio comprising unsecured personal loans totaling approximately J$1.2 billion in aggregate principal balance.

The seller and other details were not disclosed. However, the microlender has been targeting loan book growth after several years of relative dormancy in the portfolio.

ISP reported has continued demand for loans for household expenditure, education, and health but said that it would expand its offerings and also target new markets in the short term for further growth.

Management indicated that it was seeking to do bridge loans or short-term financing especially for such segments as construction which remains in growth mode.

For third quarter r ended September 30, 2024, ISP presented unaudited results which indicated that the company's net interest income decreased from J$122.2 million to J$ 102.5 million in the 3rd Quarter of 2024, representing a decrease of J$19.6 million or 16.1 per cent over the corresponding quarter in 2023.

The Company's net income after interest expenses and commissions before operating expenses totaled J$98.4 million in the reported period.

This compared to J$ 1 15.7 million recorded in the third quarter of 2023 and represented a decrease ofJ$19.6 m or 15.0 per cent.

Operating expenses for the 3rd Quarter 2024 amounted to $84.3 million, a decrease of 5.0 per cent or $4.4 million over the corresponding period in 2023 of J$88.7 million.

Profit slide

ISP’s net profit before taxation for the third quarter of 2024 was $14.6 million, a decrease of $12.4 million or 45.9 per cent over the same period last year.

The company's profit after tax was J$12.2 million, a decrease of J$12.3m or 45.9 per cent versus the same period in the prior year.

Earnings per share stood at $0.116 at the end of the 3rd Quarter of 2024 compared to $0.215 at the end of the 3rd Quarter of 2023 reflecting a decrease of 45.9 per cent.

The total assets of the Company stood at $1,204 million as at September 30, 2024, representing an increase of 9 per cent increase over the J$1,123 million as at September 30, 2023.


Caribbean Money Daily

Caribbeanmoney.blogspot.com

Follow us for breaking news

Contact: austanny@yahoo.com/ 1 876 727 3818


Comments

Post a Comment

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

Image
  Tyrone Wilson Chairman, President and CEO Kintyre Holdings (JA) Limited (KHL) and Seven Kingston Limited, owners of the Seven Ultra Lounge and Restaurant, on January 14 announced a joint venture to launch Sevens Ice. Kintyre Holdings has made an investment in excess of US$300,000 in acquiring an associate stake in Seven and also establishing the start-up for the ice venture. "This initiative addresses Jamaica’s growing demand for high-quality ice, with operations set to begin in Q1 2025," Wilson stated. Additionally, the venture has acquired a cold storage facility to manage its start-up capacity and is exploring the importation of ice to bridge the gap between demand and supply, ensuring a consistent and reliable market presence. Distribution Expansion Wilson said that Sevens Ice has secured a distribution point in Kingston and is in the process of setting up another in St. Catherine to serve the western and central parts of the island. This expansion will ensure broade...
Read more

BCMG increases risk management oversight: Launches surveys-as-a -service

Image
Insurance brokers in Jamaica often send underwriters themselves to survey risks; however, they frequently do not have the technical knowledge required to produce the best results. BCMG Insurance Brokers Limited (BCMG) in response, introduced - in support of the wider brokerage industry - an updated surveys-as-a service product which has been embraced by the wider community as groundbreaking. Senior Risk Manager on the New Business Team of BCMG David Lazarus explains, “We saw where the technical details and in-depth knowledge of the intricacies of business operations were not always being taken into consideration. This was seen as an opportunity to expand into this space.” In 2020, Billy Craig Insurance Brokers and Maritime General Insurance Brokers, MGI, signed an agreement to merge their operations to form BCMG Insurance Brokers Limited. Following the union, the new company has been exploring options to expand the service capability of the brokerage and increase value for clients...
Read more

Wish List: University Hospital CEO seeks top-flight CFO for turnaround miracle

Image
  It's a puzzling end of year for the finance team at the University Hospital of the West Indies where, despite an ongoing plan to quadruple plant size and service centres for the teaching institution, its current state is one of insolvency, with CEO Fitzgerald Mitchell wishing for a new Chief Financial Officer with a touch of genius to help in turning things around. Medium term, the government is aiming to significantly update this, the Caribbean's premium medical hospital and teaching school. At last report, the price tag on the project was $4.9 billion. In the works are plans for a new 6-storey, 120,000 square feet medical facility, which will accommodate an additional 40 medical and surgical beds, improvements to outpatient or ambulatory surgery, lecture rooms, conference rooms, and upgrading of the cardiology hybrid interventional surgery room and the neonatal intensive care and administrative departments. However, the institution is currently struggling to become solvent ...
Read more