Microfinance Company, ISP Finance Services Limited, has blamed the appreciation of the Jamaican dollar against foreign currencies for the decline in foreign exchange gains in the company. Foreign exchange earnings decreased by $5.83 million in 2017 totaling a meagre $934,543 compared to $6.76 million in 2016.
On a more positive note, ISP Finance reported $261.95 million dollar in revenue for 2017 compared to $219.70 million dollar in 2016; a 19.2 percent increase. Year over year profit increased by 24.4 percent, $49.99 million in 2017 compared to $40.24 million in the previous year.
In a bid to grow its client base, ISP now plans to expand the company outside of the Kingston Metropolitan Area to include branches in other densely populated towns across the island. The company also plans to introduce new loan products customized to its clients’ needs. Additionally, plans will be implemented to improve technology in order to enhance service delivery.
Currently, ISP focuses mainly on the disbursement of loans to employed persons and to small and micro-businesses, which require short-term financing at competitive rates. ISP describes the loan requirement process as simple and their service delivery as prompt.
ISP Finance Services Limited was listed on the Jamaica Stock Exchange (JSE) in 2016 and immediately saw an increase in the company’s net profit to $40.24 million. The company currently trades on the JSE at $15.00.
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