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Access Corporation records 300% profit growth to N612.4bn

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Access Bank to take over National Bank of Kenya

Access Corporation has reported a profit after tax of N612.4 billion for the 2023 financial year, up 300% from the previous year of 2022.

In the financial statements seen on Wednesday, Access Corporation, Nigeria’s largest finance holding company, said it recorded a Gross Earnings of N2.6trillion 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.

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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%)

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