In our last update on Access Holdings Plc (ACCESSCORP) in October 2024, we noted the institution’s solid financial trajectory amidst Nigeria’s challenging economic environment. Recent reports indicate a continued surge in AccessCorp’s gross earnings, which reached ₦2.2 trillion, marking an impressive growth attributed to robust increases in both interest income—up by 116% to ₦1.3 trillion—and fee and commission income, which more than doubled year-over-year.

Despite a challenging operating landscape marked by elevated interest expenses and the weakened naira, AccessCorp sustained profitability through efficient cost management and a diversified revenue base. The company’s profit before tax also saw notable growth, jumping 108% to ₦348.9 billion, indicating resilience in its core operations and strategic expansions across Africa. Additionally, the bank’s assets grew significantly, reaching ₦36.6 trillion, supporting AccessCorp’s goal of becoming a premier African banking institution.

Looking forward, AccessCorp’s strategies remain ambitious. It plans substantial investments in digital transformation and expansion within high-growth markets, aiming to leverage both technological advances and rising demand for financial services across Africa. With earnings per share almost doubling year-over-year, AccessCorp continues to position itself as a strong contender for investors looking for growth in Nigeria’s financial sector.

The Elliot Wave chart above that Accesscorp is still in a sideway movement very typical of a 4th wave corrective pattern. Having completed the 3 waves from the wave 3 high (N31) denoted as (A), we expect a continuation to the upside to make the (B) wave with a target of N27 which is the 2.618 Fibonacci ratio of (a).