Access holdings reports 58.9% surge in gross revenue

Access holdings reports 58.9% surge in gross revenue
Access holdings reports 58.9% surge in gross revenue

Access Holdings Plc, the parent company of Access Bank, has reported an impressive 58.9% surge in gross revenue, reaching N940.3 billion for the first half of 2023 (H1’23).

This substantial growth also translated into a remarkable 71.4% increase in Profit Before Tax (PBT) and a 52.6% rise in Profit After Tax (PAT), resulting in PBT and PAT figures of N167.6 billion and N135.4 billion, respectively, for H1’23.

These financial results were disclosed in Access Holdings Plc’s Audited Consolidated and Separate Financial Statements for the period ending on June 30, 2023, submitted to the Nigerian Exchange Group (NGX).

Robust H1’23 financials

The impressive growth in gross revenue was driven by a combination of factors, including a 63.0% increase in interest income and a 51.9% rise in non-interest income.

Access Holdings Plc also witnessed substantial growth in customer deposits, registering a remarkable 35% year-to-date increase, culminating in a total of N12.5 trillion in customer deposits by the end of the first half of the year.

This growth encompassed all business segments, reinforcing the company’s status as Nigeria’s largest financial institution by total assets.

The company’s diversified business portfolio, spanning banking, asset management, and payment services across twenty countries on four continents, contributed significantly to its success.

Access Holdings Plc recorded a 39.0% year-on-year increase in total assets and a 40.6% growth in shareholders’ funds.

As of mid-year 2023, the company’s total assets and shareholders’ funds stood at N20.9 trillion and N1.7 trillion, respectively.

Herbert Wigwe, Group Chief Executive Officer of Access Holdings Plc, emphasized the company’s commitment to its growth plans across the African continent, driven by strong long-term growth prospects and trade opportunities in multiple countries.

He highlighted the company’s strategic objective of becoming a leading financial and ecosystem player, fostering shared prosperity among all stakeholders.

Access Holdings Plc’s Pensions business achieved a significant milestone by surpassing N1.0 trillion in Assets Under Management (AUM), making it the 4th largest PFA by AUM and the 2nd largest by the number of registered retirement savings accounts (RSAs).

The company’s payments vertical, Hydrogen, also delivered impressive results, processing over N3.0 trillion in transactions, achieving a 407% month-on-month growth in point of sale (POS) transactions, and maintaining a 99% system uptime for account switching during the period.