Access Holding Total Assets Increase to N12.08 Trillion, Makes N57.40 Billion Profit in Q1 2022

Access Holding Plc financial performance at the end of 2021 saw the holdings’ total assets increase from N11.73 trillion ($28.2 billion) to N12.08 trillion ($29.1 billion) for the first quarter (Q1) ended March 31, 2022.

As a result retaining its position as Nigeria’s largest bank in terms of assets ahead of Ovia’s Zenith Bank, which has N10.32 trillion ($24.8 billion).

As one of Nigeria’s leading financial services groups, Access Holdings ranks as one of the most capitalized financial services institutions on the Nigerian Exchange, with shares in the tier-1 bank valued at N9.9 ($0.0238) per share as of press time April 29, giving the group a market capitalization of N351.9 billion ($847.3 million).

The pan-African financial services group led by Nigerian multimillionaire banking mogul Herbert Wigwe, reported a nine-percent increase in profitt after tax  in the first quarter of 2022, as the Lagos-based financial services group delivered a resilient financial performance despite operating environment challenges.

In its Q1 2022 financial result, which reveals a profit of N57.40 billion in Q1 2022. This reflects a 9.23% increase year on year while earnings per share grew to N1.63 a 9.40% growth from the N1.49 reported a year earlier in Q1 2021.

Profit before tax (PBT) for the period rose by 8.46 per cent to N65.134 billion from N60.549 billion posted in Q1 2021, while net interest income stood at N87.358 billion from N93.959 billion in Q1 2021.

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Access Bank Plc has grown its Q1 profits by 160% in 4 years since hitting N22 billion in Q1 2018 with the profit now touching roughly N57.40 billion.

The statement revealed that in Q1 2022, Net interest income declined by 7.03% from N93.96 billion to N87.36 billion in the current period.

According to report, Access Holdings’ profit performance is on the back of margin growth as income from interest, foreign exchange gains and fees and commission income all appreciated year on year.

The Nigerian lender earned N160.32 billion, from its lending business as Interest income grew by 27.27% from N125.97 billion.

Loans and advances to customers rose to N4.286 trillion as against N4.161 trillion recorded in December 2021, while deposits from customers also went up to N7.494 trillion from N6.955 trillion in December, 2021.

While loan losses grew by 9.17%, net interest income after impairments depreciated by 9.52% to stand at N73.67 billion.

Access Bank, however, grew its income from commission and fees rising 44.54% to N56.30 billion year on year and also generating a total of N85.83 billion from net foreign exchange gains as against N1.08 billion year on year.

However, net loss on financial instruments stood at N44.63 billion, on the back of an N85 billion loss on non-hedging derivatives.

The group’s e-business income raked in N20.13 billion, representing a 12.33% spike from N17.92 billion in 2021. This suggests that the bank has improved in its utilization of the e-banking channels in the delivery of financial services to its customers.

In addition, the group also grew its deposits from customers by a whopping 7.76% to N7.49 trillion while its Net assets rose 4.77% to N1.08 trillion.

Access Holdings Plc last traded at N9.85 per share and its market capitalization stands at N350.12 billion as of Wednesday, April 28, 2022. Year-to-date performance shows that the share price of the company has appreciated by 5.91%.

The bank’s Board of Directors proposed a final dividend per share of N0.70 per share, to be paid on each of the 35,545,225,622 issued ordinary shares and payable to shareholders on the register of shareholding at the closure date.