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Monday, September 25, 2023

Access Holdings Boosted by Fair Value Gains on Fixed Income Securities as Q2 Earnings Flat

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Access Holdings Plc the parent company of Access Bank saw its second quarter (Q2) results boosted by gains arising from the purchase and sale of fixed income securities and changes in their fair value.

This was as Access Holdings net interest income and fee income fell when compared to the earlier 2021 period.

Access Holdings reported Net gains on disposal of financial instruments held as fair value through other comprehensive income of N64.135 billion in June 2022, compared to a loss of N23.255 billion in half year, 2021.

This helped to offset a 1.25% slide in net interest income to N197.5 billion and 5.1% fall in net fee and commission income to N55.43 billion in the June 2022 period.

Overall pretax profit for the period was flat at N97.791 billion in 2022, compared to N97.379 billion in June 2021, as elevated other operating expenses which surged by 40% in the period to N176.7 billion, crimped the bottom-line.

The Board of Directors have proposed an interim Dividend of 20 Kobo per ordinary share.

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