By Babajide Komolafe
Access Holdings Plc, the parent company of Access Bank has recorded a 58.9 per cent increase in gross revenue to N940.3 billion for the half year ended June 30, 2023, H1’23.
Consequently the company recorded 71.4% and 52.6% increase in Profit Before Tax, PBT, and Profit After Tax, PAT, at N167.6 billion and N135.4 billion respectively for H1’23.
The company disclosed these in its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2023, to the Nigerian Exchange Group (NGX).
The growth in gross revenue was driven by a combination of 63.0% growth in interest income and 51.9% increase in non-interest income.
The company stated: “In a demonstration of the trust and confidence reposed in the institution by its customers, Access Holdings also witnessed a significant 35% 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% y/y increase in total assets and a 40.6% 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 remains firm and clear, driven by the strong long term growth prospects and trade opportunities seen across many of the countries,” commented Herbert Wigwe, Group Chief Executive Officer, Access Holdings Plc.
“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,” Wigwe added. Notably, 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). Furthermore, its payments vertical, Hydrogen, processed over N3.0 trillion in transactions, achieving a 407% month-on-month growth in point of sale (POS) transactions and 99% system uptime on account switching within the period.