Business
Access Holdings shines with 71.4% H1 PBT jump
BY EMEKA EJERE
Access Holdings Plc, has recorded 71.4 percent and 52.6 percent increase in Profit Before Tax {(PBT) and Profit After Tax (PAT), at N167.6 billion and N135.4 billion respectively for the half year ended June 30, 2023.
According to its Audited Consolidated and Separate Financial Statements submitted to the Nigerian Exchange Group (NGX), the company recorded a 58.9 per cent increase in gross revenue to N940.3 billion in the period under review.
Comparatively, the banks audited financial statement for the half year showed that PAT rose by 52.63 per cent from N88.74 billion to N135.44 billion while gross earnings stood at N940.3 billion, representing a growth of 58.9 per cent when compared to N591.8 billion posted during the same period in 2022.
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 bank said.
The lender’s customer deposits rose by 35 per cent year-to-date to N12.5 trillion, solidifying the Group’s stature as the largest financial institution in Nigeria by total assets.
According to the bank, its synergies across its business verticals yielded remarkable results, translating to a 39.0 percent y/y increase in total assets and a 40.6 percent year-on-year rise in shareholders’ funds, which now stand at N20.9 trillion and N1.7 trillion respectively.
In line with its culture of extending the fortune to shareholders, the Holdco has proposed an interim dividend of 30 kobo per share payable to shareholders whose names appear on the register of members as at close of business on Thursday October 5, while the dividend will be paid electronically on October 19.
Herbert Wigwe, Group Chief Executive Officer, Access Holdings Plc. Said, “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.”
He speaks further, “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.”
Impressively, 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).
Also, 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.
Earlier, the holding company had explained that the delay in the publication of its financial results for the first half of this year was due to post-audit completion matters.
In a statement signed by Sunday Ekwochi, the company’s secretary, the top lender notified the investing public and the Nigerian Exchange Limited (NGX) of a potential delay in the publication of the audited interim financial statements for H1.
“The company had on August 14, 2023, requested and obtained the approval of NGX for the results to be filed on or before September 15, subject to the approval of the Central Bank of Nigeria (CBN), due to post-audit completion matters,” the statement said.