Access Holdings Plc recorded a profit of N57.40 billion in the first quarter of 2022, an increase of 9.23% compared to the corresponding quarter of 2021.
The recently released results for the period also showed earnings per share of N1.63, an increase of 9.40% from the N1.49 reported a year earlier in the first quarter of 2021.
The latest profit figure shows that Access Bank has increased its first quarter profit by 160% in 4 years since it reached N22 billion in the first quarter of 2018, with profit now reaching around N57.40 billion.
A closer look at the figures showed that net interest income for the period decreased by 7.03% from N93.96 billion to N87.36 billion.
The company’s earnings performance is underpinned by margin growth as interest income, foreign exchange gains and commission and fee income all appreciated year-over-year.
The company also earned N160.32 billion from its lending business as interest income increased by 27.27% from N125.97 billion.
It recorded loan loss growth of 9.17%, while net interest income after impairments depreciated by 9.52% to N73.67 billion.
Nevertheless, the company increased its income from commissions and fees, increasing by 44.54% to 56.30 billion naira year on year and also generating a total of 85.83 billion naira from net foreign exchange gains. against 1.08 billion naira over one year.
However, the net loss on financial instruments was N44.63 billion, due to a loss of N85 billion on non-hedging derivatives.
The group’s e-business revenue reached N20.13 billion, up 12.33% from N17.92 billion in 2021. This suggests that the bank has improved its use of banking channels in line in the provision of financial services to its customers.
Similarly, credit related fees and commissions amounted to N21.15 billion during the period.
Furthermore, the group has also increased its customer deposits by a whopping 7.76% to 7.49 trillion naira, while its total assets are now at 12.08 trillion naira. Net assets increased by 4.77% to N1.08 trillion.
The bank’s board of directors has proposed a final dividend per share of N0.70 per share, to be paid on each of the 35,545,225,622 ordinary shares issued and payable to shareholders entered in the register of shareholders at closing.