14:53:47 EDT Fri 31 Mar 2023
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Axis Auto Finance Inc
Symbol AXIS
Shares Issued 122,570,911
Close 2022-09-15 C$ 0.53
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Axis Auto Finance earns $1.5-million in fiscal 2022

2022-09-15 15:08 ET - News Release

Mr. Todd Hudson reports


Axis Auto Finance Inc. had record financial results for the fiscal year ended June 30, 2022.

Full-year 2022 financial highlights:

  • Auto loan originations increased 34 per cent to $154-million;
  • Auto loan portfolio increased 33 per cent to $229.3-million;
  • Revenues increased 5 per cent to a record $40.2-million;
  • Adjusted earnings reached record level at $6.1-million;
  • Credit losses decreased by 13 per cent to 7.9 per cent.

In fiscal 2022, auto loan originations increased by 34 per cent to a record $154-million, as compared with $115.2-million in the prior year. Auto loan originations consisted of $86.5-million owned and on balance sheet, while $67.5-million was volume managed for Westlake Financial Services. Axis's total owned and managed auto portfolio peaked at $229.3-million, consisting of $139.9-million of on-balance-sheet assets and $89.4-million in Westlake managed assets.

Equipment finance originations in fiscal 2022 reached a record $102.2-million, representing a 27-per-cent year-over-year increase and consisted of $23.9-million owned and on balance sheet, with $78.3-million being brokered to third parties. In aggregate, the Axis on-balance-sheet portfolio increased 27 per cent to a record $161-million in fiscal 2022.

Revenues in fiscal 2022 totalled $40.2-million, representing an increase of 5 per cent year over year.

Annualized auto portfolio credit losses for the year were 7.9 per cent, down from 9.0 per cent in the prior year, representing a 13-per-cent improvement. Furthermore, the company concluded the year with reportable delinquency of 3.2 per cent.

Adjusted earnings for fiscal 2022 were $6.1-million, or 5.2 cents per share, up from $6-million in fiscal 2021. Net earnings for fiscal 2022 were $1.5-million, or 1.3 cents per share, as compared with net earnings of $2.3-million, or 2.4 cents per share. Adjusted shareholder equity was $57.5-million at June 30, 2022, or 47 cents per share.

About Axis Auto Finance Inc.

Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through its direct-to-consumer portal, DriveAxis.ca, customers can choose their next used vehicle, arrange financing and get the car delivered to their home. In addition, the company continues to grow B2B (business-to-business) non-prime auto loan originations by delivering innovative technology solutions and superior service to its dealer partner network. All Axis auto loans report to Equifax, resulting in over 70 per cent of customers seeing a significant improvement of their credit scores.

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