Access Holdings Plc has announced the release of its third-quarter financial statements for the period ending 30 September 2023.
The Group’s profit before tax was up 156.19% to N126.816 billion from N49.500 billion posted in 2022, driven by strong growth in interest income and foreign exchange gains.
According to the group’s financial statements for Q3 2023, the company’s profit after tax (PAT) was N115.004 billion, a 138.27% increase from the N48.265 billion recorded in the corresponding period in 2022.
This is on the back of increasing inflation, which the economy continues to struggle with. Headline inflation increased to 26.72%, representing a 0.92 %-point rise from the previous month’s 25.80%.
The data is from the recently released Consumer Price Index (CPI) report for September 2023 by the National Bureau of Statistics (NBS).
The surge in inflation is primarily attributed to the removal of petrol subsidies and the devaluation of the official exchange rate, both significantly impacting consumer prices.
Food and non-alcoholic beverages accounted for the most significant share at 13.84%, followed by housing water, electricity, gas, and other fuels at 4.47%, and clothing and footwear at 2.04%.
This financial performance in Q3 2022 took the group’s pre-tax profit in the first nine months of 2023 to N250.444 billion, a whopping increase of 82.93% from the N136.914 billion recorded in the first nine months of 2022.
As of the end of Q3 2023, the group’s Fair value and foreign exchange gain stood at N122.555 billion, a 119.35% increase from the previous quarter.
Key Highlights Q3 2023 vs Q3 2022
- Interest Income; N357.238 billion, +130.56% YoY
- Interest Expense; N275.910 billion, +136.53% YoY
- Net Interest Income; N165.716 billion, +99.59% YoY
- Net fee and commission income; N30.93 billion, +36.23%
- Profit before income tax; N126.816 billion, +156.19%
- Profit for the period; N115.004 billion, +138.27% YoY
- Total comprehensive income for the period; N65.833 billion; +341.12%
Insights
key performance indices of the group posted impressive performance year-on-year, with one of the factors being foreign exchange gains.
For instance, the group recorded a 119.35% year-on-year increase in its foreign exchange gains and a 130.56% increase in interest income which helped to boost its performance.