The entire 35,545,225,622 issued shares of Access Bank were delisted from the Daily Official List of Nigerian Exchange Limited (NGX), while Access HoldCo’s entire issued share capital of 35,545,225,622 ordinary shares of 50 Kobo each were today, 28 March 2022, listed on the Daily Official List of NGX at N9.95 per share.
The delisting of Access Bank and listing of Access HoldCo on NGX is pursuant to the Scheme of Arrangement between Access Bank Plc and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission and sanctioned by the Court.
Access Bank Plc had earlier announced that it has received the Central Bank of Nigeria’s Approval-in-Principle for the Bank’s restructuring to a holding company (“HoldCo”).
The proposed HoldCo structure would enable the Bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance.
For the year ended December 2021, Access Bank’s net income spiked by 51.41 percent to N160.21 billion in December 2021 from N106 billion as at December 2020.
Return on average equity (ROAE) increased to 17.80 percent in the period under review from 15.60 percent the previous year.
Analysts attribute the consistent growth in profit to gains on swap positions that led to foreign exchange gain of N101.17 billion.
The gains were largely on the part of the treasury bill swap position the Bank entered into. It benefited from currency depreciation, according to an industry expert who does not want his name mentioned for the reasons best known to him.
“However, the lender has to continue to book new transactions to enjoy such positive exceptional items or hope that the currency weakens,” said the analysts
The strike price of the swap transaction was N404 (I&E) window rate in 2020 and it was marked to market at the rate of N416 at the end of 2021, and resulted in an excess of N12 that was multiplied by a portfolio of $2.7 billion.