Accord Financial Navigates Loan Loss, Boosts Revenue

Accord Financial (TSE:ACD) has released an update.

Accord Financial has reported a record revenue of $79.7 million for fiscal 2023, a notable increase from the previous year’s $67.5 million, due to portfolio growth and higher yields. Despite this, the company faced a substantial write-off of $13.1 million related to a single account loan loss, affecting their earnings and tangible equity. Adjusted for one-time anomalies, Accord’s adjusted net earnings rose to $5.8 million, marking an improvement from the $3.5 million earned in 2022.

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