Access Holdings posts N940.3bn gross revenue in H1

COMFORT EKELEME, Business Editor 

Access Holdings Plc has released its audited consolidated and separate financial statements for the period ending June 30, 2023, to the Nigerian Exchange Group (NGX).

The published results showcased a set of impressive performance highlights, affirming its steadfast commitment and prominent industry standing in delivering sustainable returns to stakeholders.

Access Holdings reported a robust gross earnings figure of ₦940.3 billion, reflecting an impressive Year-on-Year (Y/Y) growth of 58.9per cent.

This substantial surge was driven by a combination of a 63.0 per cent growth in interest income and 51.9per cent increase in non-interest income.

The Group delivered a Profit Before Tax (PBT) and Profit After Tax (PAT) figures of N167.6 billion and N135.4 billion respectively translating into a 71.4per cent Y/Y and 52.6 per cent Y/Y growth respectively.

In a demonstration of the trust and confidence reposed in the institution by its customers, Access Holdings also witnessed a significant 35per cent year-to-date growth in customer deposits, concluding the half-year at a commendable ₦12.5 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 39.0per cent Y/Y increase in total assets and a 40.6per cent Year-on-Year rise in shareholders’ funds.

As of the mid-year point in 2023, total assets and shareholders’ funds stood at ₦20.9 trillion and ₦1.7 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 20 countries across four continents.

Group Chief Executive Officer Access Holding Plc, Herbert Wigwe said, “Our growth plans for the African continent remain firm and clear, driven by the strong long-term growth prospects and trade opportunities seen across many of the countries.

“Continuing with our five-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,” he said

Speaking further, Wigwe noted that the Group’s Pensions business surpassed the ₦1.0 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 ₦3.0 trillion in transactions, achieving a 407 per cent month-on-month growth in Point of Sale (POS) transactions and 99per cent system uptime on account switching within the period.

Despite operating in a high inflationary environment, Access Holdings improved its Cost-To-Income ratio (CIR) by 4.9per cent Y/Y, accomplished through prudent adjustments in personnel costs, effective management of regulatory fees, and continued investments in technology to enhance cost efficiency and improve the overall user experience.

In terms of regulatory ratios, the Group displayed a robust liquidity position and capital adequacy, surpassing regulatory thresholds with a Liquidity Ratio (LR) of 50per cent and a Capital Adequacy Ratio (CAR) of 19.1per cent.

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