Access Holdings profit soars to N612.49bn,  up 300% YoY

Access Holdings, a tier-one Nigerian lender, reported a massive 300 per cent surge in after-tax profit to N612.49 billion in its Full Year 2023 results, the last period for which late CEO, Herbert Wigwe was at the helm.

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

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

Access saw growth at both net interest incomes of N555.8 billion and net fee income of N207.7 billion revenue lines while Fair value gains on non-hedging derivatives, equity investments and Fixed income securities brought in a further N512.3 billion.

Earnings Per Share (EPS) surged to N17.23 in FY 2023, compared to N4.29 in 2022.

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.

Access Holdings will pay a final dividend of N1.80 Kobo (One Naira, Eighty Kobo) for every ordinary share of N0.50 Kobo each, subject to appropriate withholding tax (bringing the Total Dividend for 2023 Financial Year to N2.10 Kobo (Two Naira, Ten Kobo).

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Dividends will be paid to shareholders whose names appear on the Register of Members as at the close of business on April 10, 2024.

Wigwe died February 9th, in a chopper accident that also took the life of his wife, son, Bimbo Ogunbanjo 61, a former president of the National Council of the Nigeria Stock Exchange and 2 others in California, USA.

The Board of Directors of Access Holdings Plc on February 13 announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the tragic demise of its former Group CEO, Herbert Wigwe.

Pioneer Group Managing Director/CEO of Access Bank Plc., Mr. Aigboje Aig-Imoukhuede (CFR), was also appointed as its Non-Executive Chairman.

Wigwe owned 2.58 billion direct and indirect shares in Access Holdings, equivalent to 7.27 per cent of the bank at the end of 2023, according to disclosures from the financials seen by MoneyCentral.

Access Holdings shares closed trading at N24 on Wednesday, up 3.67 per cent year-to-date, for a market capitalization of N853 billion.