Access Holdings grows profit by 306% as assets hit N26tn

Onwubuke Melvin
Onwubuke Melvin

Access Holdings grew profits by 306.91 per cent to N619.32bn for the financial year 2023 from N152.20bn recorded in the previous year.

This disclosure was made in the consolidated and separate statement of financials for 2023 filed with the Nigerian Exchange Limited on Wednesday.

This is the largest profit, the firm has ever made under the late Group Managing Director of Access Holdings, Herbert Wigwe, who died in a helicopter crash in February in the USA, along with his wife, son, and former NGX chairman, Abimbola Ogunbanjo in 2023.

In the financial statement, revenue increased by 86.95 per cent to N2.59tn from N1.39tn in the previous year.

It stated that the increase in revenue was “from interest income, which grew by 100 per cent year-on-year and non-interest income (67.9 per cent year-on-year growth).

“Growth in interest income reflects a higher yield environment, supported by a 62 per cent year-on-year expansion in earning assets. Improvement in non-interest income was from growth in related key income lines (trading income, fees & commissions, e-business income) and an increased volume of transactions across our expanding retail network and digital channels.”

A significant contribution to the group profit was also the foreign exchange gain of N628.93 billion recorded during the period under review.

Assets also increased significantly by 77.94 per cent to N26.89tn from N14.99tn in the previous year.

The firm’s shareholders will get about  N63.98bn in dividend at N1.80 for every ordinary share of N0.50 each, subject to appropriate withholding tax, bringing the total dividend for 2023 to N2.10 per share.

The nonperforming loan ratio improved to 2.8 per cent from 3.2 per cent in 2022 and the shareholders’ funds closed at N2.18tn in 2023, about 77.5 per cent higher than the position of N1.23tn in 2022.

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