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    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

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Access Holdings Plc posts N71.65bn profit for the first 3 months of the year

Monday, 24 April 2023, 1:23 pm
in Business, Companies
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Delisting of Access Bank Plc and listing of Access Holdings Plc
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Access Holdings Plc (NGX: ACCESSCORP) reported a 56.56% growth in interest income for the first quarter ended March 31, 2023. Similarly, the profit after tax for the period rose by 23.92%.

Income statement

  • Interest income calculated using effective interest rate rose to N250.99 trillion in Q1 2023 from N160.32 billion in Q1 2022.
  • Net interest income after impairment charges rose slightly to N76.57 billion in Q1 2023 from N73.67 billion in Q1 2022.
  • Net fee and commission income rose to N45.38 billion from N42.90 billion in Q1 2022.
  • Personnel and other operating expenses amounted to N33.67 billion and N104.06 billion respectively in Q1 2023. In Q1 2022, personnel and other operating expenses stood at N29.25 billion and N76.83 billion respectively.
  • Profit before tax increased to N81.59 billion from N65.56 billion in Q1 2022.
  • Access Holdings reported an income tax expense of N9.94 billion in Q1 2023, up from N7.74 billion reported in Q1 2022.
  • Profit for the period after tax rose to N71.65 billion in Q1 2023 from N57.83 billion in Q1 2022.
  • Earnings per share stood at N2.06 in Q1 2023.

 

  • Read also: Access Holdings Plc reports N1.39 trillion gross earnings for 2022 FY
  • List of Dividends announced in 2023, qualification and payment dates
  • List of Dividends announced in 2022, qualification and payment dates

Balance sheet

Access Holdings Plc’s total assets rose to N15.74 trillion as at March 31, 2023 from N15.00 trillion as at December 31, 2022. The group’s total assets stood at N11.73 trillion as at December 31, 2021.

Major components of the assets:

  • Loans and advances to customers: N5.04 trillion (N5.1 trillion in 2022)
  • Investment Securities: N3.51 trillion (N2.76 trillion in 2022)
  • Restricted deposit and other assets: N2.73 trillion (N2.42 trillion in 2022)
  • Cash and balances with banks: N1.80 trillion (N1.97 trillion in 2022).

Total liabilities rose to N14.35 trillion as at March 31, 2023 from N13.77 trillion as at December 31, 2022 despite a decline in deposits from financial institutions.

Major components of the liabilities:

  • Customers’ deposits: N9.94 trillion (N9.25 trillion in 2022)
  • Deposits from financial institutions: N1.82 trillion (N2.01 trillion in 2022).
  • Interest-bearing borrowings: N1.38 trillion (N1.39 trillion in 2022)

Total shareholders’ equity increased to N1.37 trillion as at March 31, 2023 from N1.21 trillion as at December 31, 2022, mainly due to increase in Tier 1 Capital to N345.03 billion from N206.35 billion in 2022.

Cash flow:

  • Net cash of N176.25 billion was generated from operations against N345.31 billion used in Q1 2022.
  • Net cash of N194.81 billion was used in investing activities against N45.53 billion generated in Q1 2022.
  • Net cash of N52.88 was used in financing activities, whereas N18.62 was generated in Q1 2022.
  • Cash and cash equivalents at the end of Q1 2023 dropped to N1.17 trillion from N1.23 trillion in Q1 2022.
Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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