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Access Bank Reports $257,000 as “Unrealized” FX Gains
Access Bank fx gains: Access Holding, the parent company of Nigeria’s largest bank, has posted its second-quarter financial statement.
The company documented a pre-tax profit of ₦348.9 billion ($218.1 million) for the first half, driven by an increase in interest income from loans and investments.
Access Bank Financial Report Reveals Access Bank FX Gains
According to the report, Access Bank made approximately ₦646.34 billion ($404.0 million) in earnings, with a boost from Access bank fx gains, which was about ₦412.8 billion ($258.0 million).
However, the bank’s personnel expenses also increased. It surged to ₦415.8 billion ($260.0 million) from ₦65.1 billion ($40.8 million).
This may have been driven partly by a surge in hiring due to the Access Bank’s recent expansion. Recall that Access Bank acquired ABCT Bank in Tanzania to deepen its East African presence.
The expansion caused Access Bank’s staff headcount to increase from 7,567 to 8,009. The count of high-earning employees, referring to staff earning ₦14.9 million ($9,312) monthly and above, has surged by 689 within a span of just six months.
Also Read: Access Bank is Set to Acquire the National Bank of Kenya
Access Bank FX Gains Only One Out Of Many Pre-Tax Profits
Note that aside from Access Bank South Africa and Kenya, all other foreign subsidiaries reported pre-tax profits.
Access Bank South Africa and Kenya reported a combined pre-tax loss of ₦10.6 billion ($6.5 million).
However, Hydrogen Payment Services, a FinTech subsidiary of Access Holdings, achieved a pre-tax profit of ₦238 million ($148,750).
Additionally, both Access Pension and ARM Pension, the newly acquired PFA, reported profitable performances with revenues of ₦15.1 billion ($9.4375 million).
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