Access Holdings Plc, reported a revenue of N2.2 trillion even as it declared 45 kobo interim dividend per share in its half-year audited financial results for the period ended June 30, 2024.
The results released to the investing public on the Nigerian Exchange (NGX) underscored the company’s continued resilience, focus on delivering sustainable performance and commitment to creating long-term value for shareholders.
Access Holdings also declared an interim dividend of 45 kobo per share, representing a 50 per cent increase in dividend payout.
In half year 2024, total assets and shareholders’ equity stood at N36.5 trillion and N2.8 trillion, respectively. Customer deposits increased by 31.3 per cent, from N15.3 trillion in December 2023 to N20.1 trillion by half year 2024, while gross loans and advances also saw an increase of 37.6 per cent from N8.9 trillion in December 2023 to N12.3 trillion by half year 2024.
Access Holdings reported triple-digit growth across all profitability metrics, with gross revenue rising by 133.5 per cent year-on-year, from N940 billion in half year 2023 to N2.2 trillion in half year 2024. This increase was supported by higher interest and non-interest earnings in the period.
Interest income surpassed the N1 trillion mark, from the expansion of risk assets and effective pricing, leading to a 142 per cent growth from N606.8 billion to N1.47 trillion. Non-interest income grew by 117 per cent to N723.6 billion in 2024 from N333.4 billion in 2023.
Profit before tax increased by 108.2 per cent year-on-year, from N167.6 billion in half year 2023 to N348.97 billion in half year 2024, while profit after tax rose by 107.7 per cent, from N135.4 billion to N281.3 billion over the same period. This resulted in a 103 per cent growth in earnings per share (EPS), which increased from N3.74 in 2023 to N7.58 in half year 2024.
Access Holdings stated that “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.”
It added that, “our agile execution strategy and customer-centric approach position us as a market leader in Nigeria, while simultaneously enabling us to consolidate market share in existing locations beyond Nigeria and explore opportunities in new geographies under consideration for expansion.”
On outlook for the rest of the year, Access Holdings said: “it 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.”
Access Holdings noted that, “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.”
