Access Holdings Records N231bn Q3 Profit Despite High Impairments
Access Holdings, a Nigerian financial institution, posted a robust third-quarter profit of N231.6 billion, marking a 31% increase from the same period last year. The growth was fueled by a strong fee income base and foreign exchange gains, which offset the impact of high impairments.
Despite a slight decline in interest income and an increase in impairments, the company managed to improve its fund mix and lower borrowing costs. The net interest income stood at N273.3 billion, reflecting pressure on interest margins.
Access Holdings' prudent provisions amid elevated credit risks led to a fivefold increase in impairments. However, the group's fair value foreign exchange gains surged, contributing to the overall positive performance.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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