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Access Corporation reports N612.4 billion profits, up 300% YoY
![Access Corporation reports N612.4 billion profits, up 300% YoY](https://iexclusivenews.com.ng/wp-content/uploads/2023/01/images-67.jpeg)
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, presided over by the late Herbet Wigwe.
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In the financial statements seen by Nairametrics, Access Corporation posted 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 gains of about N628.9 billion, compared to N335.5 billion reported a year earlier.
Recommended reading: Access Holdings to acquire National Bank of Kenya Limited
Key highlights (2023 vs 2022 FY)
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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%)
Access Corp share price closed at N23.1 (down 2%) on Wednesday, March 26th, 2024. The share price is down 0.22% YTD and has a year-high of N30 per share.
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