Herbert Wigwe’s Access Holdings Records $500 Million Comprehensive Income
Herbert Wigwe’s Access Holdings Plc, a leading financial services group in Lagos, has exceeded market expectations with its impressive 2022 fiscal year financial results. This comes after it recorded a marginal dip in its profit from $348.3 million in 2021 to $332.7 million.
According to the group’s recently published financial report, the comprehensive income surged from $273.1 million in 2021 to a whopping $507.4 million. The remarkable increase in total comprehensive income is an indication of Access Holdings’ sound financial management and foresight. The increase has also been linked to changes in both the allowance and fair value of its debt instruments.
Led by Nigerian banker Herbert Wigwe, Access Holdings is a leading financial services group in Nigeria with one of the largest market caps on the Nigerian Exchange. The group which operates in 12 African countries is actively expanding its presence in Europe. It is also consolidating its existing operations in London and recently launched a new unit in France.
Access Holdings links financial performance to growth in loans
The remarkable financial performance of the Wigwe-led group is attributed to its sustained growth in loans and advances to customers, which rose from $9.05 billion to $11.1 billion. Also, deposits from customers and financial institutions significantly increased from $18.8 billion in 2021 to an impressive $24.48 billion at the close of the 2022 fiscal year.
This performance solidified the group’s position as the largest bank in Nigeria by total assets, as its assets increased from $25.5 billion in 2021 to $32.6 billion. Impressed by this performance, the group’s board of directors proposed a final dividend payout of $0.0028 per share to its shareholders. This translates to a total payout of N46.2 billion ($100.53 million).
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