Access Holdings Grows Revenue To ₦2.2trn In H1 2024

Access Holdings Plc, a leading global financial institution, has reported financial growth in its half-year audited results for the period ending June 30, 2024.

The results reflect the company’s resilience, focus on sustainable performance, and commitment to creating long-term value for shareholders.

The company’s total revenue surged by 133.5 percent year-on-year, rising from ₦940 billion in H1 2023 to ₦2.2 trillion in H1 2024. This growth was driven by a combination of higher interest and non-interest earnings, with interest income growing by 142 percent to surpass the ₦1 trillion mark. Non-interest income also increased by 117 percent, reaching ₦723.6 billion.

Key Financial Highlights include total assets of ₦36.5 trillion, a 37.1 percent increase from December 2023, shareholders’ equity of ₦2.8 trillion, up by 29.8 percent, customer deposits grew by 31.3 percent to ₦20.1 trillion, gross loans and advances increased by 37.6 percent to ₦12.3 trillion, reflecting organic growth and the impact of foreign currency-denominated loans.

Also, profit before tax (PBT) the bank recorded ₦348.97 billion, an increase of 108.2 percent from ₦167.6 billion in H1 2023, profit after tax (PAT) was ₦281.3 billion, up by 107.7 percent from ₦135.4 billion in H1 2023, and earnings per share (EPS) grew by 103 percent to ₦7.58, compared to ₦3.74 in H1 2023.

Despite inflation and devaluation challenges, the company maintained a relatively stable cost-to-income ratio (CIR) at 60.4 percent. Access Holdings also declared an interim dividend of 45 kobo per share, a 50 percent increase from H1 2023’s 30 kobo per share.

The banking group recorded strong year-on-year growth across performance metrics, with net interest income growing by 131 percent and fees and commissions increasing by 94 percent. The group’s subsidiaries contributed significantly, accounting for 55% of the group’s PBT, which grew by 218 percent year-on-year.

Access Holdings aims to continue its growth momentum into the second half of 2024, focusing on scaling non-banking segments, expanding its digital presence, and pursuing geographic diversification. The company also recently concluded a rights issue of ₦351 billion and is awaiting approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).