We revise our FY’22 earnings expectation for ACCESSCORP to N186.7 billion (vs N154.2 billion previously). This upward adjustment reflects our projection for improved net-interest income, which is likely to reflect pass-through from a CBN-induced increase in yields and sustained increases in interest earning asset. Beyond the current year, the imminent launch of a new strategic agenda, ongoing expansion across pan-African markets, and the restructuring to a HoldCo are likely to be positive for the bank’s operating performance. We, therefore, leave our 12-month target price mostly unchanged at N12.77 (N12.21 previously).