Access Holdings Announces Biggest 9-Month Profit in History As Naira Depreciation Adds Over N314bn

• Access Holdings has recorded the biggest nine-month profit in its history thanks to naira devaluation and higher interest income
• The bank's profit of over N250 billion recorded in nine months also dwarfed that for the whole of 2022
• There were also impressive key performances in other sections of the company's financial results

Access Holdings Plc, the parent company of Access Bank, has reported a massive profit of N250.4 billion in the first nine months of 2023 (January to September).

This represents 82.9% increase compared to the N136.91 billion the financial company recorded in the same period in 2022.

In its history, Access Holdings has never recorded a nine-month profit above N200 billion.

Breakdown of Access Bank financial results 2023

According to the financial statements released on the Nigerian exchange, the company recorded a revenue of N1.59 trillion from January to September 2023.

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This represents a 14.9 per cent increase compared to the N906 billion recorded in the first nine months of 2022.

Access Holdings' revenue was boosted by the higher interest income from loans to customers in their commercial banking businesses.

In 2023, the Central Bank of Nigeria increased its interest rates multiple times to combat inflation.

This allowed banks to charge borrowers higher interest rates and earn more.

More details of Access Holdings' performance

Also, Access Holdings' strong earnings came from foreign exchange from converting loans and financial instruments denominated in foreign currencies into naira.

Details from the financial statement showed that the Access Holdings foreign exchange gain rose to N314.6 billion. This is higher than N184.1 billion earned for the first nine months of last year.

The fee and commission income grew to N208.18 billion from N133.5 billion due to higher earnings from credit-related fees, commissions, channels, and other e-business income.

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In the period under consideration, Access Holdings said personnel expenses gulped N117,625 billion in contrast to N89,84 billion in the corresponding period of 2022 because of higher pay for wages and salaries of workers and others.

First Bank announces new names for subsidiaries across Africa

Meanwhile, in another report, Legit.ng revealed that First Bank has announced the name change of its subsidiary in several countries to align with the parent brand.

The bank states that the move will help create brand clarity and consistency across all FirstBank Group subsidiaries.

First Bank has branches in various countries across Africa and Europe.

Source: Legit.ng