[NIGERIA] Herbert Wigwe’s Access Holdings posts robust Q1 profit of $154 million

 Herbert Wigwe’s Access Holdings posts robust Q1 profit of $154 million

Lagos-based financial services conglomerate, Access Holdings Plc, led by Nigerian banker Herbert Wigwe, continues its impressive financial streak into the first quarter of its 2023 fiscal year, with profits exceeding $154 million. This demonstrates its unwavering commitment to sustained growth and profitability.

With operations spanning 12 African countries, Access Holdings ranks as one of the largest financial services groups in Nigeria.

The leading lender is actively expanding its presence in Europe, which includes the consolidation of its existing operations in London and the launch of a new unit in France.

Wigwe, who is one of the country’s leading executives and played a pivotal role in Access Holdings’ growth and expansion, holds a 4.51-percent stake in the financial services group.

According to the group’s recently published financial results, its profit at the end of the first three months of 2023 increased by 23.9 percent from N57.82 billion ($124.62 million) in the first three months of 2022 to N71.66 billion ($154.5 million).

The double-digit surge in the group’s profit was driven by a substantial uptick in both its interest and non-interest incomes, in addition to a significant rise in its net foreign exchange gains, which skyrocketed from N85.83 billion ($185 million) in the first quarter of 2022 to an impressive N112.39 billion ($242.2 million) in the first quarter of 2023. 

Access Holdings’ latest financial results represent a further milestone in its impressive track record, building on the foundation of its robust performance in 2022, where its comprehensive income surged from N125.5 billion ($273.1 million) in 2021 to an astounding N233.2 billion ($507.4 million), a testament to the group’s astute financial management and strategic foresight.

This unwavering commitment to excellence is reflected in the significant growth of the group’s total assets, which rose from N14.99 trillion ($32.3 billion) to N15.74 trillion ($33.9 billion), while its retained earnings increased from N433.6 billion ($934.45 million) to N436.87 billion ($941.5 million).