Access Holdings recorded $451 million in profit in 2023 under Herbert Wigwe

Reports indicate Access Holdings in the year 2023 under the leadership of the late Herbert Wigwe recorded a 307 per cent year-on-year profit. The new feat represents a N619.32 billion growth, an equivalent of $451.7 million.

This new profit gains dwarfs the N152.2 billion ($111 million) recorded in 2022. The group’s total comprehensive income mirrored this growth, skyrocketing to N1.031 trillion ($752 million) from N233.3 billion ($170.17 million) the prior year.

The exceptional profit growth is attributed to both interest and non-interest income witnessing significant upticks in returns. Additionally, net foreign exchange gains played a major role, surging from N335.54 billion ($244.8 million) in 2022 to a staggering N628.93 billion ($458.8 million) in 2023.

Wigwe’s leadership undoubtedly played a pivotal role in Access Holdings’ 2023 performance. Under his guidance, the group’s total assets ballooned from N14.99 trillion ($10.93 billion) at the end of 2022 to N26.69 trillion ($19.47 billion) by December 31, 2023. Similarly, equity attributable to owners surged from N1.208 trillion ($881 million) to N2.11 trillion ($1.54 billion).

Buoyed by this impressive financial performance, Access Holdings’ board proposed a final dividend of N1.80 ($0.00131) per share, a significant increase from the N1.30 ($0.00095) per share distributed to shareholders in 2023.

EAN/NOQ

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