Access Corporation profit soars by 300% to N612bn YoY

Access Corporation, 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 and presided over by the late Herbet Wigwe.

In the financial statements announced Wednesday, Access Corporation posted a 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 gain of about N628.9 billion compared to N335.5 billion reported a year earlier.

Net Interest Income was N555.8 billion compared to N145.7 billion in the previous year, amounting to a YoY 282.7% increase, while Operating Expenses rose to N697.5 billion from N502 billion, representing a YoY 38.9% rise.

The group’s Earnings Per share stood at N1.723 representing a YoY increase of 300% against N0.444, in 2022

The dividend yield of N1.8/share brings the total to N2.10 for the year.

Paul

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