Access Holdings Reports N57.39bn PAT In Q1

Access Holdings Reports N57.39bn PAT In Q1

Access Holdings Plc has posted a profit after tax of N57.39 billion for the first quarter (Q1) ended March 31, 2022.

The holding company net profit rose by 9.23 per cent year on year to N57.399 billion in Q1, 2021, from N52.549 billion posted in Q1 2021, while earnings per share grew to N1.63 from N1.49 in 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.

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.

The holding company’s total assets stood at N12.082 trillion under the period review from N11.732 trillion as at December, 2021.

Meanwhile, Nigerian Exchange (NGX) hosted Closing Gong Ceremony to commemorate the Access Holdings’ successful restructuring into a holding company structure and the listing of its 35.545 billion ordinary shares on the Exchange.

Chairman, Access Holdings, Mr. Bababode Osunkoya, said,: “the significance of this event as our first external engagement as Access Holdings Plc is not lost on us. Access Holdings Plc is an evolutionary expression for us which signifies our moving away from what was known as Access Bank into a financial institution. We acknowledge the impact of our collaboration with The Exchange over the years and we look forward to continuing this mutually beneficial partnership to take Nigeria and Africa to the world.”

On his part, Group MD/CEO, Access Holdings, Dr. Herbert Wigwe, thanked the Exchange for its remarkable contribution to the Corporation’s story, saying, “In 2004, following the Central Bank of Nigeria mandated recapitalization initiative, Access Bank came to the Exchange on its maiden journey to raise capital. NGX created the platform through which we raised capital and quickly consummated one of the largest mergers in the history of this Country.

“Today’s event marks a major milestone for us as we evolve from a traditional banking institution into a full-fledged financial services provider that would create an ecosystem of financial services for all Nigerians to benefit from. This is the Exchange that made Access Bank and we thank the Exchange for its continued support over the years,” he stressed.

The chief executive officer, Nigerian Exchange (NGX), Temi Popoola, commended Access Holding Plc’s contribution to the Nigerian growth story and emphasized NGX’s commitment to collaborating with institutions driving growth in the Nigerian economy, saying the Exchange is proud to be part of the progress that Access Holdings has successfully achieved over the past 20 years.

Popoola assured that the company will find a worthy partner in the Exchange as it commences its new journey.