In its recently released audited 2024FY results, Access Holdings’ Gross Earnings grew by 87.72% YoY to NGN4.87trn mainly due to the increase in interest income (+110.38% YoY to NGN3.48trn) and non-interest income (+47.86% YoY to NGN1.02trn). Elsewhere, Operating Expenses increased by 107.47% YoY to NGN1.45trn, following higher personnel expenses, admin expenses and IT & e-business expenses in the period. Profit Before Tax (PBT) and Profit After Tax (PAT) increased by 18.93% YoY and 3.70% YoY eac...
Summary Ecobank Transnational Inc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Ecobank Transnational Inc (Ecobank Group) is a banking and financial services group. The group engages in providing a wide range of financial services, including corporate and investment banki...
In its recently released unaudited 9M:2024 results, Access Holdings’ Gross Earnings grew by 114.49% YoY to NGN3.42trn mainly due to the spike in interest income (+128.71% YoY to NGN2.40trn) and non-interest income (+87.19% YoY to NGN1.02trn). Elsewhere, Operating Expenses increased by 109.98% YoY to NGN1.09trn, following higher personnel expenses, admin expenses and IT & e-business expenses in the period. Profit Before Tax (PBT) and Profit After Tax (PAT) increased by 89.59% YoY and 82.77% YoY e...
Summary Guaranty Trust Bank Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Guaranty Trust Bank Ltd (GTB) is a provider of retail, corporate, and investment banking products and services. The bank's product offerings include a wide range of accounts and deposits, online...
In its Q1:2024 financial statements, Access Holdings Plc posted a 129.20% and 148.03% YoY growth in Gross earnings and Profit before Tax to NGN974.24bn and NGN202.74bn respectively. The performance was mainly driven by impressive returns on interest income. Interest Income climbed 183.07% YoY to NGN719.60bn while non-Interest revenue grew 39.86% YoY to NGN254.64bn. On the other hand, Operating Expenses rose by 86.46% YoY to NGN279.31bn as personnel expenses, regulatory expenses and IT and e-bu...
Zenith Bank released the audited Full-year results for 2023, revealing a robust topline performance. Gross Earnings, which exceeded our 2023FY estimates, grew by 125.45% YoY to NGN2.13trn on the wheels of increased interest and non-interest income. For context, Interest Income climbed 111.91% YoY to NGN1.15trn while Non-Interest Income grew significantly by 143.49% YoY to NGN987.08bn. United Bank for Africa Plc. audited Full-year results for 2023 showed an impressive topline and bottom-line per...
In its Q1:2023 financial statements, released on the 20th of April 2023, Access Holdings Plc posted a 43.68% and 24.46% YoY growth in Gross earnings and Profit before Tax to NGN424.92bn and NGN81.60bn respectively. The performance was supported by impressive returns on both the Interest and Non-Interest Income legs. Interest Income soared 46.36% YoY to NGN254.22bn while non-Interest revenue grew 39.86% YoY to NGN170.70bn. On the other hand, Operating Expenses rose 28.29% YoY to NGN149.79bn as a...
In its 2022FY audited financial results, released on the 20th of April 2023, Access Holdings Plc posted a 43.22% YoY growth in Gross Earnings to NGN1.39trn, crossing the NGN1trn mark. Interest Income grew 37.53% YoY to NGN827.47bn while non-Interest revenue climbed 52.43% YoY to NGN559.93bn. On the other hand, Operating Expenses surged 35.43% YoY to NGN502.36bn following a spike in personnel expenses, IT and e-business expenses and admin expenses in the period. Net impairment charge on financia...
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...
Access Holdings Plc posted a double-digit growth in its Gross Earnings (+31.42% YoY to NGN591.80bn) in H1:2022. The impressive topline performance rested on the dual rise in Interest Income (+16.46% YoY to NGN372.30bn) and Non-Interest Income (+67.97% YoY to NGN219.38bn). Nonetheless, a spate of soaring Operating Expenses (+35.38% YoY to NGN256.68bn) undermined profitability, as the firm could only muster a marginal increase in Profit After Tax (PAT) which grew 2.22% YoY to NGN88.75bn. On a ba...
In its recently released Q122 financial statements, Access Bank Plc posted a 33.1% and 8.5% respective YoY growth in Gross Earnings and Profit before Tax to ₦295.7bn and ₦65.1bn. The performance was supported by impressive performance on both the Interest and Non-Interest Income legs. As reported across peers, Interest Expense soared 73.2% to ₦86.3bn due to a surge in interest paid on customer deposits by 156% to ₦54bn. As customer deposits grew by 31.8% to ₦7.5tn compared to a faster rise in...
Q1 earnings soar 33% y/y on balance sheet growth In ACCESSCORP’s recently released its Q1’22 results, the company reported 33% y/y growth in Gross Earnings to ₦296 billion, 12% above our expectation (₦261 billion). The bank reported 21% y/y growth in Interest Income to ₦174 billion (Vetiva: ₦172 billion), thanks to improved income from loans to customers, as well as higher returns on Fixed Income securities. More impressively, Non-Interest...
In this report, we highlight four key trends that will shape Nigeria’s banking sector in 2022. We also roll our models forward to 2026 and make changes to our valuation inputs, by raising our cost of equity to better reflect higher interest rates compared to 2020 and the appropriate risk premium for Nigerian equities. Overall, we expect our coverage to deliver an average ROE of 14.5% in 2022, vs 14.8% previously. The marginal drop in our forecast is based on slower expected growth in margins,...
Nigeria's banks face three main headwinds in 2022: 1) continued regulatory hurdles; 2) declining profitability; and 3) the growing threat of fintechs and telcos. The banks that succeed will be those that can amend their strategy and adapt to the new environment. In this report, we highlight two banks – Stanbic IBTC and Standard Chartered – that have done just that, moving to embrace financial technology and digitalisation. STANBIC IBTC BUILDING ITS OWN FINTECH The diversified financial holdin...
Access Bank reported a 10% yoy decline in its Q3 net attributable profit, to NGN34bn, in ine with our NGN34.3bn estimate. The group recorded lower net interest income (-3% yoy versus the -6% expected), because of increased pressure on funding costs, particularly from deposits. Its non-interest income turned out better, growing 28% yoy (versus the -25% expected) due to credit fees and large gains on derivatives and fixed income securities. Although total revenues grew, the group recorded sizab...
Access Bank reported positive numbers for Q2 21, evident by the 71% yoy growth in net attributable profit to NGN34bn, ahead of our NGN26bn estimate. Interestingly, the banking group recorded the largest increase in net interest income among our coverage banks (97% yoy vs 24% expected), with its NIM (measured over total assets) expanding 1.6ppts to 4.4%. Management alluded this performance to high yields on its swap book with the CBN, increased lending activity during the quarter and an expand...
Rating Action: Moody's assigns provisional ratings to the GMTN programme of Access Bank Plc. Global Credit Research- 09 Sep 2021. London, 09 September 2021-- Moody's Investors Service has today assigned the following provisional ratings to the USD1.5 billion Global Medium-Term Note programme of Access Bank Plc: B2/ Not-Prime long-term and short-term local currency and foreign currency senior unsecured rating.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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