Access Holdings reports impressive 71.4% increase in Half-Year profit
Access Holdings Plc has reported a significant increase in its profit before tax (PBT) and profit after tax (PAT) for the first half of 2023.
According to the company’s audited financial statements submitted to the Nigerian Exchange Group (NGX), PBT rose by 71.4 percent to N167.6 billion, while PAT increased by 52.6 percent to N135.4 billion.
The company also recorded a substantial growth in gross revenue, which increased by 58.9 percent to N940.3 billion during the same period. This growth was driven by a combination of a 63.0 percent increase in interest income and a 51.9 percent increase in non-interest income.
Comparatively, the audited financial statements for the first half of the year showed that PAT rose by 52.63 percent from N88.74 billion to N135.44 billion. Gross earnings also saw a significant increase, growing by 58.9 percent from N591.8 billion in the first half of 2022 to N940.3 billion in the first half of 2023.
Access Holdings Plc’s strong financial performance can be attributed to its strategic focus on growing its revenue streams and effectively managing its costs.
The company’s continued growth and profitability demonstrate its resilience and ability to navigate the challenging economic environment.
Access Holdings Plc’s impressive financial results for the first half of 2023 position the company for continued success and growth in the future.
The lender’s customer deposits rose by 35 percent year-to-date to N12.5 trillion, solidifying the Group’s stature as the largest financial institution in Nigeria by total assets.
According to the bank, its synergies across its business verticals yielded remarkable results, translating to a 39.0 percent y/y increase in total assets and a 40.6 percent year-on-year rise in shareholders’ funds, which now stand at N20.9 trillion and N1.7 trillion respectively.
In line with its culture of extending the fortune to shareholders, the HoldCo has proposed an interim dividend of 30 kobo per share payable to shareholders whose names appear on the register of members as at close of business on Thursday, October 5, while the dividend will be paid electronically on October 19.
Group Chief Executive Officer, Access Holdings Plc., Herbert Wigwe, said, “In a demonstration of the trust and confidence reposed in the institution by its customers, Access Holdings also witnessed a significant 35 percent year-to-date growth in customer deposits, concluding the half-year at a commendable N12.5 trillion. This growth was inclusive of all business segments, firmly solidifying the Group’s stature as the largest financial institution in Nigeria by total assets.
“Access Holdings’ synergies across its business verticals yielded remarkable results, as the company experienced a 39.0 percent y/y increase in total assets and a 40.6 percent year-on-year rise in shareholders’ funds. As of the mid-year point in 2023, total assets and shareholders’ funds stood at N20.9 trillion and N1.7 trillion respectively.
“These striking figures underscore the efficacy of the Group’s strategic approach and its ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services, operational in twenty countries across four continents.
“Our growth plans for the African continent remain firm and clear, driven by the strong long term growth prospects and trade opportunities seen across many of the countries,” he added.
“Continuing with our 5-year cyclical strategy, our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity` among all stakeholders.”
Impressively, the Group’s Pensions business surpassed the N1.0 trillion in Assets Under Management (AUM) milestone, thereby ranking as the 4th largest PFA by AUM and the 2nd largest by the number of registered retirement savings accounts (RSAs).
Also, its payments vertical, Hydrogen, processed over N3.0 trillion in transactions, achieving a 407 percent month-on-month growth in point of sale (POS) transactions and 99 percent system uptime on account switching within the period.
Earlier, the holding company had explained that the delay in the publication of its financial results for the first half of this year was due to post-audit completion matters.
In a statement signed by Sunday Ekwochi, the company’s secretary, the top lender notified the investing public and the Nigerian Exchange Limited (NGX) of a potential delay in the publication of the audited interim financial statements for H1.
“The company had on August 14, 2023, requested and obtained the approval of NGX for the results to be filed on or before September 15, subject to the approval of the Central Bank of Nigeria (CBN), due to post-audit completion matters,” the statement said.
