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Press Information:
Toronto - July 29, 2004

ACCORD FINANCIAL CORP.

Accord Posts Record Second Quarter and First Half Earnings
and Declares Regular Quarterly Dividend

Accord Financial Corp. (TSX - ACD), a leading North American provider of asset-based financial services to businesses, including factoring, financing, credit investigation and guarantees, is pleased to announce its unaudited consolidated financial results for the three and six months ended June 30, 2004. The financial figures presented in this release are reported in Canadian dollars in accordance with Canadian generally accepted accounting principles.

SUMMARY OF FINANCIAL RESULTS

	Three Months Ended		Six Months Ended
	June 30		June 30
	2004	2003	2004	2003
Factoring volume (millions)	$ 354	$ 333	$ 711	$ 679
Revenue	$ 6,773,695	$ 6,280,655	$ 13,275,539	$ 12,477,511
Net earnings	$ 1,837,572	$ 1,119,328	$ 3,154,635	$ 2,248,004
Earnings per share
Basic	$ 0.19	$ 0.12	$ 0.32	$ 0.24
Diluted	$ 0.18	$ 0.12	$ 0.32	$ 0.23
Weighted average number of shares
Basic	9,752,871	9,535,257	9,721,705	9,524,257
Diluted	10,037,412	9,609,989	9,942,418	9,588,976

Net earnings for the second quarter of 2004 increased by 64% to $1,837,572, the highest second quarter earnings in the Company's history, compared to $1,119,328 last year. Diluted earnings per share were 18 cents for the second quarter compared to 12 cents last year. Last year's second quarter net earnings were affected by the $440,000 after tax impact of a provision for the settlement of a claim.

Factoring volume in the second quarter was a Company record $354 million, a 6% increase over last year's second quarter volume of $333 million. There was an increase in the proportion of higher yielding recourse factoring in the quarter compared to the previous year. As a result, second quarter revenue increased by 8% to $6,773,695 compared to $6,280,655 last year.

Net earnings for the first half of 2004 increased by 40% to $3,154,635, a first half Company record, compared to $2,248,004 in 2003. Diluted earnings per share for the first half of 2004 improved by 39% to 32 cents compared to 23 cents in the first half of 2003. Last year's net earnings were affected by the $440,000 after tax impact of a provision for settlement of a claim.

Factoring volume for the first half of 2004 increased by 5% to $711 million compared to $679 million last year. Total revenue increased by over 6% to $13,275,539 compared with $12,477,511 last year.

The Company's Board of Directors today declared a regular quarterly dividend of $0.045 per share, payable September 1, 2004 to shareholders of record at the close of business August 13, 2004.

For further information please contact:

Stuart Adair
Chief Financial Officer
Accord Financial Corp.
77 Bloor Street West, 18th floor
Toronto, ON M5S 1M2
(416) 961-0304 Ext. 207
info@accordfinancial.com

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