Accord Financial (TSE:ACD) has released an update.
Accord Financial Corp. reported a modest increase in average funds employed and revenue for Q1 2024, despite facing challenges from a non-recurring equity reduction in late 2023. The company took steps to de-leverage and strengthen its balance sheet, resulting in a net earnings of $632,000 and an adjusted net earnings of $1.5 million, which is lower compared to the previous year. The book value per share rose slightly to $9.90, reflecting a cautious but stable financial standing amidst a selective client onboarding approach due to the tough credit environment.
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