Forex Gain Pushes Access Holdings’ Profit to N619.32bn in 2023
Access Holdings Plc generated N619.32 billion profit after tax in 2023, an increase of 307 per cent from N152.2 billion profit after tax reported in 2022, attributable to a significant increase in foreign exchange gain.
Amid the Central Bank of Nigeria’s (CBN) unification of foreign exchange, the Group reported a N628.93 billion foreign exchange gain in 2023, a growth of 87.44 per cent from N335.55 billion reported in 2022, a major driver of its profitability.
The Holdings in its audited result and accounts on the Nigerian Exchange Limited (NGX) reported N729 billion profit before tax, representing an increase of 335 per cent from N167.68 billion profit before tax reported in 2022.
With the impressive profit, the board and management declared a final dividend of N1.80 kobo for every ordinary share of N0.50 Kobo each, subject to appropriate withholding tax (bringing the total dividend for the 2023 Financial Year to N2.10 kobo will be paid to shareholders whose names appear on the Register of Members as at the close of business on April 10, 2024.
Balance sheet position revealed that Access Holdings declared N26.7 trillion in total assets, a growth of 78per cent from N14.99 trillion reported in 2022.
Key drivers include N15.3 trillion deposits from customers in 2023, a growth of 65.6 per cent from N9.25 trillion in 2022 and N8.04 trillion loans and advances to banks in 2023, an increase of 58 per cent from N5.1 trillion reported in 2022.
In 2024, Access Holdings witnessed a shift in its board and management position amid the demise of Herbert Wigwe, who was Group’s Chief Executive Officer. Wigwe died alongside his wife and son on Friday, February 9, 2024, in a helicopter accident in the United States of America.
The management of Access Holdings in February 2024 had announced Bolaji Agbede as the Acting Group Chief Executive Officer, while Aigboje Aig-Imoukhuede as its Chairman in March 2024.
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