2023FY: Access Holdings’ Profit Rises By 335% To N729 Billion, Records N26.7 Trillion Total Assets

Access Holding Plc, on Wednesday reported N729 billion profit before tax (PBT) in its financial results and accounts for the full year ended December 31, 2023, a significant increase of about 335 percent from the N167.68 billion reported in 2022.

The group on the Nigerian Exchange Limited (NGX) declared N619.3billion profit in 2023, the last financial year in which the late Group CEO, Dr. Herbert Wigwe was at the helm of affairs. This represented an increase by 307 percent compared with the N152.2 billion reported in 2022.

The significant increase in profits was driven largely by the Central Bank of Nigeria (CBN) unification of foreign exchange.

In the 2023 financial year, the Group also reported N628.93 billion foreign exchange gain, a growth of 87.44 percent from the N335.55 billion reported in 2022.

Access Holdings also 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.

Its Earnings Per Share (EPS) surged to N17.23 in 2023, compared to N4.29 in 2022. Access Holdings proposed to pay a final dividend of N1.80 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.

However, the balance sheet position revealed that Access Holdings declared N26.7 trillion in total assets in 2023, a growth of 78 percent from the N14.99 trillion reported in 2022.

Key drivers included N15.3 trillion deposits from customers in 2023, a growth of 65.6 percent from N9.25 trillion in 2022 and N8.04 trillion loans and advances to banks in 2023, an increase of 58 percent from N5.1 trillion reported in 2022.

Wigwe died February 9th, in a chopper accident that also took the life of his wife, Chizoba; son, Chizi and Bimbo Ogunbanjo, 61, who was a former President of the National Council of the NGX Group Plc in California, USA.

The Board of Directors of Access Holdings on February 13 had announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following Wigwe’s tragic demise.

Pioneer Group Managing Director/CEO of Access Bank Plc., Mr. Aigboje Aig-Imoukhuede, was recently appointed Chairman of Access Holdings.

Wigwe owned 2.58 billion direct and indirect shares in Access Holdings, equivalent to 7.27percent of the bank as at the end of 2023.

Access Holdings shares closed trading at N24.00 per share, as of March 27, 2024, up 3.67percent year-to-date, with a market capitalisation of N853 billion.

Kayode Tokede