Access Corporation reported N612.4 billion profits, up 300% YoY.

Access Corporation reported N612.4 billion profits, up 300% YoY.

Access Corporation, Nigeria’s largest financial holding company, reported a profit after tax of N612.4 billion, up 300% from the previous year.

This is the largest profit ever posted by the company and presided over by the late Herbet Wigwe.

In the financial statements seen by Nairametrics, Access Corporation posted a Gross Earnings of N2.6trillion up 80% from the N1.4 trillion reported a year earlier.

A significant portion of the revenue came from fair value and foreign exchange gain of about N628.9 billion compared to N335.5 billion reported a year earlier.

Recommended reading: Access Holdings to acquire National Bank of Kenya Limited
Key highlights (2023 vs 2022 FY)

Gross Earnings N2.6 trillion vs N1.4 trillion, YoY 80%
Net Interest Income N555.8 billion vs N145.7 billion, YoY 282.7%
Operating Expenses N697.5 billion vs N502 billion, YoY 38.9%
Profit after tax N612.4 billion vs N153 billion, YoY 300%
Earnings Per share N1.723 vs N0.444, YoY 300%
Dividends N1.8/share (bringing total to N2.10)
Dividend yield based on current price 7.8%(adjusted 9.1%)
Access Corp share price closed at N23.1 (down 2%) on Wednesday March 26th, 2024. The share price is down 0.22% YTD and has a year high of N30 per share.

Recommended reading: Access Bank to acquire 80% stake in Finance Trust Bank