H1 2022: Access Holdings  declares 31% growth in gross earnings to N592bn

Access Holdings Plc has declared its unaudited half year  results for the period ended June, 30 2022 declaring gross earnings of N591.803 billion in half year (H1)  2022 from N450.3 billion recorded in half year (H1) 2021, representing an increase of 31.42 per cent year-on-year.

In its unaudited half-year financials results submitted to the Nigeria Exchange Limited (NGX) the Bank also made significant improvements across key performance indicators.

The result is on the back of an inflationary year, where businesses and their consumers have had to deal with rising cost of goods and services.

Analysis of the results indicates that the bank’s Profit Before Tax grew marginally by 0.42 per cent to N97.791 billion in H1 2022 from N97.379 billion reported in H1 2021.

The group unaudited results revealed Profit After Tax of N88.739 billion in H1 2022  from N86.819 billion recorded in the comparable period of 2021, the group recorded a 2.21 per cent growth in Profit After Tax during the half year ended June 30,  2022.

Interest income calculated using the effective interest rate rose by 22.51 per cent to N342.530 billion from N279.594 billion recorded in the half year of 2021.

Non-interest income for the period rose by 71 per cent year-on-year to N219.4 billion in H1 2022 from N127.9 billion in H1 2021, as trading gains on fixed income securities rose significantly by 91 per cent year-on-year to N112.4 billion in H1 2022 from N59 billion in H1 2021.

According to the group, during the period under review, the Board of Directors proposed interim Dividend of 20 Kobo per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50k each payable to shareholders on the register of shareholding at the closure date. Withholding Tax will be deducted at the time of payment.

Net interest income after impairment charges dipped by 6.25 per cent to N160.639 billion in H1 2022 from N171.350 billion recorded in H1  2021. As Fee and commission income rose significantly  by 10.42 per cent to N81.100 billion in H1 2022 from N73.446 billion achieved in H1 2021.

Fee and commission expense grew by 71.22 per cent to N25.662 billion in H1 2022 from N14.988 billion in H1 2022.

Other operating income dropped by 27.35 per cent to N10.029 billion in half year 2022 from N13.804 recorded in 2021.

Other income declined by 14.86 per cent to N22.011 billion from N25.853 billion the previous year.