Access Holdings Hits N1.5trn Amidst Earnings Expectation
Access Holdings Plc has crossed N1.5 trillion in the stock market as the top Nigerian lender gained investors attentions as the group earnings release draws near. The market value of the financial services group that warehoused Access Bank surged as more than 17 million share volume valued at about N486 million were traded in the local bourse.
The Nigerian Exchange increased the value of Access Holdings Plc.’s 53.317 billion shares outstanding to N1.500 trillion, up by 0.18% on the day ahead of earnings. Ticker: ACCESSCORP is trading at fair discount to its 52-week high of N28.90 in the equities market.
The group led its peer in achieving new capital base required by the Central Bank of Nigeria. The financial services holdings company has deepened its footprint beyond African markets as it continues to expand via acquisition.
Earnings in Q3-2024
The group profit Before Tax (PBT) increased by 89.59% year on year, reaching ₦558.17 billion. The company’s foreign operations presented a mixed picture, with Access Bank Nigeria, Access bank UK and Access Bank Ghana contributing ₦185.30 billion, N271.68 and ₦64.38 billion, respectively, to pre-tax profits, PAC Capital Limited said in a note.
However, the bank’s South African and Kenyan subsidiaries reported losses of ₦17.36 billion and ₦6.12 billion respectively. Analysts said Access Holdings’ diversification efforts have shown promising signs, particularly with its new Fintech subsidiary, Hydrogen Payment Services, which reported a pre-tax profit of ₦1.4 billion, and its pension entities—Access Pension and ARM Pension—both reporting profitable results.
The holdings company’s Profit after Tax (PAT) grew by 82.77%, standing at ₦457.75 billion Its subsidiaries extend into asset management, payments, insurance, and lending services, providing a diverse range of financial products to both individual and institutional clients.
The group’s major divisions include Access Bank, Access Insurance, Access Pensions, and Access Payments. #Access Holdings Hits N1.5trn Amidst Earnings Expectation Nigeria Meets OPEC’s Crude Oil Production Quota of 1.5m bpd
