Report
EUR 4.00 For Business Accounts Only

ACCESSCORP 9M:2022 Financial Results- Interest and Non-Interest Income Boosts Performance

In its recently released 9M:2022 financials, Access Holdings Plc posted an impressive topline and bottom-line performances. Gross Earnings soared 30.91% YoY to NGN906.94bn. The impressive topline performance rode on the dual rise in Interest Income (+21.47% YoY to NGN571.98bn) and Non-Interest Income (+50.87% YoY to NGN334.84bn).  However, the bank is faced with rising cost of operation evidenced by the 29.57% YoY surge in Operating Expenses (OPEX) to NGN376.92bn. Consequently, Net Profit Margin declined to 15.11% from 17.61% in the last period.

Overall, we maintain our target price at NGN12.80 for ACCESSCORP. This is a 64% upside from its current closing price of NGN7.80. Thus, we reiterate our STRONG BUY rating on the stock

Underlying
Access Bank

Provider
ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

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