Access Bank reports N612.4 billion profits, up 300% YoY

Access Bank reports N612.4 billion profits, up 300% YoY

Access Bank, Nigeria’s largest finance holding company, has reported a profit after tax of N612.4 billion, up 300% from the year before.

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

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

A significant portion of the revenue came from fair value and foreign exchange gains 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% Share in Finance Trust Bank