Access Holdings revenue hits N2.2tn

Access Holdings Plc has grown its gross earnings by 133.5 per cent to N2.2tn in the first half of 2024 from N940.3bn recorded in the same period of 2023.

The growth in gross earnings was attributed to a rise in interest income, which increased by 116 per cent to N1.3tn, alongside a N250.9bn fee and commission income, up 100.7 per cent from N125bn.

AccessCorp’s consolidated and separate interim statement of financial position as of 30 June 2024 filed with the Nigeria Exchange Limited showed that profit before tax grew by 108.1 per cent to N348.9bn, up from N167.6bn in June last year, driven by higher interest income and strong fee and commission income.

Profit from continuing operations rose by 107.7 per cent to N281.3bn, compared to N135.4bn in June 2023.

In the period under review, total comprehensive income also saw an upward movement of 22.6 per cent, reaching N682.4bn from N556.8bn.

Also, profit before tax rose to N92.1bn, a 107.8 per cent increase from N44.3bn in 2023, while its profit for the period surged by 98.8 per cent to N87.3bn.

The company’s non-controlling interest dropped by 159.8 per cent to N36.1bn while earnings per share (basic and diluted) grew by 103.5 per cent to 761 kobo from 374 kobo in H1 2023.

Interest expense also increased by 150.5 per cent to N958.7bn, which impacted the net interest income positively, growing by 129 per cent to N513.4bn.

This was partly driven by an increase in loans and advances to customers, which rose by 34.9 per cent to N10.8tn from N8tn in December 2023.

Other operating income went up by 286.6 per cent to N62bn, while fair value and foreign exchange gains jumped by 111.9 per cent to N406.9bn.

The group’s total assets also grew by 37.1 per cent to N36.6tn from N26.7tn in December 2023.

Access Holdings Plc aims to achieve a profit of N10tn by 2027, according to the Chief Executive Officer of Access Bank, Roosevelt Ogbonna.

He stated that the projection underscored the company’s commitment to becoming a global banking leader for expansive growth and robust financial performance.