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CardinalStone Earnings Update -ACCESSCORP 9M'24 unaudited results - 9M'24 PAT expands by 82.8%
(Source: CardinalStone Research, Date: 31-Oct-2024)

ACCESSCORP: 9M'24 PAT expands by 82.8%

In its unaudited 9M'23 financials, Access Holdings Plc (NGX: ACCESSCORP) reported an 82.8% increase in earnings to N457.74 billion, buoyed by sturdy growth in net interest income (NII) and non-interest revenue (NIR) (+95.4% YoY).

 

The impressive growth in NII (+116.7% YoY to N844.84 billion) was driven by the 2.3x rise in interest income, supported by complementary increases in interest-earning assets (IEA) (+95.3% YoY) and improving asset yields (+2.4 ppts to 16.6%). Despite the 2.4x rise in interest expenses to N1.55 trillion, NII remained strong, with a 60bps uptick in net interest margin (NIM) to 5.9%.

 

Non-interest revenue also showed robust growth, driven by net gains on financial instruments at fair value through profit or loss (+71.1% to N296.37 billion), net gain on fair value hedge (+84.9% to N167.59 billion), and net fee and commission income (+122.1% to N329.90 billion).

 

Positively, despite the 52.2% increase in loan loss provisioning, cost-of-risk moderated by 10bps to 1.0%. In contrast, the cost-to-income ratio (CIR) rose by 1.5ppts to 60.8% as OPEX doubled to N1.1 trillion, driven by higher wages and salaries (+139.7%), AMCON surcharge (+63.1%) and IT & e-business expenses (+482.7%).

 

The 9M'24 result translated to an annualised ROE of 22.2% (9M'23: 23.7%) and ROA of 1.8% (9M'23: 1.8%), respectively.

 

In Q3'24, PAT increased by 53.4% YoY to N176.42 billion, marking the most profitable quarter for the bank YtD. The performance was driven by a 2.0x increase in NII to N331.45 billion, with interest income rising 109.6% YoY, offsetting the 115.4% rise in interest expense to N594.37 billion.

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CardinalStone Research

research@cardinalstone.com

CardinalStone Research 

Lagos Office: 5 Okotie Eboh Street 

                       South-West Ikoyi, Lagos

                       Nigeria

Abuja Office: 4 Misratah Street

                       Wuse II, Abuja, Nigeria

Tel:                 +234(1) 7100433, 7100434

Email:            research@cardinalstone.com 

Website:       www.cardinalstone.com   

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