Axis Auto Finance Inc., a fintech lender servicing the alternative auto finance market and commercial equipment finance market in Canada, announced financial results for the second quarter of fiscal 2023, ending Dec. 31, 2022.
Q2 2023 Financial Highlights
- Equipment finance portfolio of $48.0 million, up 612 percent year-over-year;
- Auto loan portfolio of $252.2 million, up 28 percent year-over-year;
- Total owned and managed finance receivables of $300.2 million, up 47 percent year-over-year;
- Revenues increased 6 percent to $10.6 million year-over-year; and
- Adjusted earnings of $700,000.
Auto loan originations were $35.7 million, consisting of $15.1 million owned and on balance sheet, while $20.6 million were volumes managed for Westlake Financial Services (Westlake). Axis’ total owned and managed auto portfolio reached a record $252.2 million, consisting of $142.5 million of on balance sheet assets and $109.7 million in Westlake managed assets.
Equipment finance origination volumes in the quarter were $27.3 million, representing an 11 percent year-over-year increase, and consisted of $14.2 million owned and on balance sheet, with $13.1 million being brokered for third parties or originated for syndication partners. In aggregate, the Axis on balance sheet portfolio increased 35 percent year-over- year, to a record $187.0 million.
Revenues for the quarter were $10.6 million, an increase of 6 percent year-over-year.
Annualized auto portfolio credit losses for the quarter were 8.03 percent, up from 7.77 percent during the same period in the prior year, while the Company concluded the quarter with reportable delinquency of 5.58 percent.
Adjusted earnings for the quarter were $700,000, as compared to $1.6 million for the comparable quarter of 2022. The Company recorded a net loss for the quarter of $500,000, as compared to net income of $200,000 in the second quarter of 2022.