Access Corporation (ACCESSCORP) is a diversified financial services group based in Nigeria, known primarily for its banking operations but with growing interests across multiple sectors. The company operates through its flagship, Access Bank, one of the largest banks in Africa, with operations spanning across 17 countries. Beyond banking, Access Corp has expanded into pensions, payments, and insurance, aiming to provide comprehensive financial solutions across its markets. Through subsidiaries such as Access Pensions and Hydrogen Payments, the group seeks to capture value in the non-banking sector, demonstrating its commitment to innovation and diversification. With a focus on sustainable banking practices, Access Corp aims to maintain a competitive edge in both the local and international financial landscape
Access Corporation (ACCESSCORP) has shown remarkable financial performance in 2024, despite a challenging macroeconomic environment. In the first half of the year, the company reported a significant 300% increase in profit after tax, reaching ₦612.4 billion, up from ₦153 billion the previous year. This robust growth was driven by an 80% increase in gross earnings, which rose from ₦1.4 trillion in H1 2023 to ₦2.6 trillion in H1 2024. A substantial portion of this growth came from interest and non-interest income, with net interest income increasing by 131% to ₦536.7 billion.
Access Holdings’ subsidiaries played a crucial role in driving overall profitability, with 55% of the Group’s Profit Before Tax (PBT) coming from its banking subsidiaries. Non-banking segments also delivered impressive results, particularly Access Pensions, which saw a 162.1% rise in assets under management. Hydrogen Payments, another non-banking arm, achieved a staggering 1,871% growth in revenue compared to H1 2023, significantly boosting the group’s profitability.
The corporation’s operating expenses also rose, primarily due to higher inflation, increased energy costs, and IT upgrades, but the cost-to-income ratio remained stable at 60.4%. Access Corp also announced an interim dividend of 45 kobo per share, a 50% increase from the previous year, signaling confidence in its long-term growth prospects.
With a strong balance sheet, improved regulatory ratios, and continued expansion across Africa, Access Corp is positioning itself to maintain its growth trajectory into the second half of 2024. Analysts are optimistic about the company’s future, highlighting its resilience in both banking and non-banking operations..
The chart above shows that AccessCorp has completed wave 1 in Q1 24. The unfolding structure is a correction for the Wave 2, with a W-X-Y pattern in progress with potential targets at 100%. and 161.8 fibonacci ration of wave (w).
The Elliot Wave chart below shows that Neimeth has completed wave 4 and making progress towards wave 5. The unfolding correction is in 3 waves and is a subwave 2 with a target around the 1.77 region before the uptrend will resume again.
For consideration is an alternative count for AccessCorp. This count suggests that the larger wave 2 has been completed at 16 (61.8% fibonacci) and that the unfolding structure in a leading diagonal with wave 1 completed and progress being made to wave 2 with potential targets at 18.83 and 17.75.
