AccessCorp reports N1.593trn gross earnings in 9 months

Access Holdings (AccessCorp) Plc has reported a superlative 75.70 per cent year on year (y/y) increase in gross earnings to N1.593 trillion during the nine months of 2023 from N906.93 billion reported the same period of last year.

The growth resulting from double-digit increases in net interest income and income from fees and commission during the period.

The company posted profit before tax of N294.416 billion at the end of nine months this year from N147.056 billion reported in the preceding year, indicating a surge of 100.21 per cent.

The unaudited result released the company showed that AccessCorp paid income tax of N43.973 billion within the period under review against N10.287 billion paid in the preceding year, bringing profit after tax to N250.444 billion from N136.766 billion with 83.12 per cent rise in profit.

The company interest income rose by 83.38 per cent to N1.048 trillion against N571.738 billion reported in the previous year while interest expenses up from N291.450 billion in 2022 to N658.508 billion, representing 125.94 per cent growth, bringing net interest income to N389.955 billion at the end of September 2023 from N280.288 billion recorded in the comparative period of 2022.

Also, the net income advanced 83.12 per cent y/y to N250.44 billion in 9 months 2023 while the company reported N314.60 billion in gains from foreign exchange gains.

Analysis of the result showed that fee and commission went up by 55.95 per cent to N208.182 billion from N133.494 billion while fee and commission expense stood at N59.628 billion against N38.311 billion recorded the previous year.

Total assets went up by 42.71 per cent to N21.405 trillion from N14.998 trillion made in the previous year while total liabilities grew from N13.767 trillion to N19.765 trillion in the previous year.