Access Holdings Plc has declared N20.1 trillion in deposits from customers as of half year ended June 2024, about 31.3per cent increase from N15.3 trillion reported in 2023 financial year, while its gross loans and advances to customers stood at N12.3 trillion as of June 2024, representing an increase of 37.6per cent from N8.90 trillion reported in 2023
The reported deposits from customers and loans and advances to customers lifted the Pan-African financial institution's total assets to N36.6 trillion as of June 2024, making it the largest in Nigeria.
The financial institution in its audited result and accounts for H1 2024 posted on the Nigeria Exchange Limited (NGX) demonstrated strong performance across all key balance sheet indicators and continues to maintain a well-structured, healthy, and diversified financial position.
Access Holdings reported triple-digit growth across all profitability metrics, with gross revenue that increased significantly to N2.2 trillion in H1 2024, about 133.5 per cent increase from N940 billion in H1 2023.
According to the bank, the increase was supported by higher interest and non-interest earnings in the period.
Also, the group's interest income surpassed the N1 trillion mark to N1.47 trillion H1 2024, representing an increase of 142 per cent from N606.8 billion in H1 2023 amid expansion of risk assets and effective pricing.
IN the period under review, thee Group's profit before tax moved to N348.97 billion in H1 2024, about 108.2 per cent increase from N167.6 billion declared in H1 2023, while profit after tax stood at N281.3 billion in H1 2024, 107.7 per cent increase from N135.4 billion reported inn H1 2023.
This resulted in a 103per cent growth in earnings per share (EPS), which increased from N3.74 in H1 2023 to N7.58 in H1 2024.
On the banking group performance, the statement stated that, "Despite the challenging operating environment and tight monetary policy stance, Access Banking Group recorded strong year-on-year growth across all performance metrics, with Interest and non-interest income contributed significantly to gross earnings.
"Net interest income grew by 131per cent from N232.2 billion in half year 2023 to N536.7 billion in half year 2024. Fees and commissions increased by 94per cent year on year from N119.8 billion to N232.5 billion from higher transaction volumes on our digital channels, credit related fees and card payments.
"The Banking Group subsidiaries contributed 55peer cent to the Group's Profit Before Tax (PBT), demonstrating the significant impact of their operations and growing importance in driving overall profitability. Year-on-year, their PBT performance grew by 218per cent from N63.3 billion to N201.7 billion.
"As part of our ongoing strategic expansion beyond Nigeria, we have successfully completed the full integration of the merged entities in Zambia and Tanzania operations.
"These developments not only enhance our presence in key markets but also create significant value by expanding our customer base, strengthening cross-border banking capabilities, and fostering increased operational efficiency across our subsidiaries."
On the look for the rest of 2024, the management of Access Holdings in a statement said, "Access Holdings remains confident in its ability to surpass the growth momentum achieved in the first half of the year as we look ahead to the second half.
"Our strategic priorities will remain focused on scaling non-banking segments, expanding our digital footprint, and solidifying our presence in high-growth African and international markets. These are geared towards accelerating revenue diversification and ensuring long-term sustainable value creation for our shareholders.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
"Furthermore, we are fast-tracking the completion of our technology infrastructure integration and upgrades, which will significantly enhance operational efficiency across the group. This technology transformation will strengthen our digital capabilities, allowing us to deliver superior services to our customers, drive operational synergies, and optimise cost.
"Our strategic focus on non-banking segments, digital expansion, and geographic diversification will continue to create lasting value for shareholders, positioning the group to capitalise on emerging opportunities and sustain growth in the long term.
"We recently concluded our rights issue of N351 billion, and we are awaiting the Central Bank of Nigeria (CBN) capital verification and the Securities and Exchange Commission (SEC) approval for the allotment of rights. We will keep our investors and shareholders informed as we proceed with the exercise."
