Access Holdings Declares N88.74bn Net Profit In H1

Access Holdings Plc, has declared a profit after tax of N88.739 billion in its half year results ended June 30, 2022.

Also, the Board of Directors proposed interim dividend of N7.109 billion, representing 20 kobo per share to its shareholders.

In its half-year financials submitted to the Nigeria Exchange Limited, the Bank also made significant improvements across key performance indicators.

Analysis of the results indicated that the bank’s profit after tax rose by 2.21 per cent from N86.819 billion in H1, 2021 to N88.739 billion, while earnings per share amounted to N2.52 from N2.47 in 2021.

Gross earnings rose by 31.42 per cent to N591.803 billion as against N450.302 billion, while interest income up by 16.46 per cent to N342.304 billion from N319.685 billion recorded in the half year of 2021

Deposits from customers increased to N7.839 trillion higher than N6.955 trillion as at December 31, 2021, while loans and advances to customers also up to N4.620 trillion, from N4.161 trillion as at December 31, 2021.

Other key financial highlights showed that net interest income after impairment charges declined by 6.25 per cent to N160.639 billion in 2022 from N171.350 billion in 2021. Fee and commission income grew by 10.42 per cent to N81.100 billion in 2022 from N73.446 billion the previous year.

Fee and commission expense grew by 71.22 per cent to N25.662 billion from N14.988 billion; other operating income dropped by 27.35 per cent to N10.029 billion in half year 2022 from N13.804 recorded in 2021; while other income declined by 14.86 per cent to N22.011 billion from N25.853 billion the previous year.

Total assets stood at N13.20 trillion in H1, 2022 as against N11.732 trillion as at 2021 year end.

Recently, group managing director, Access Bank, Herbert Wigwe, said: “to realign the Group for growth and create strategic flexibility and diversification of its revenues, we announced our transition to a non-operating financial holding company that would hold investment in banking and non-banking subsidiaries to enable the Group benefit from available market opportunities and grow scale in the regulated consumer lending market, African electronic payments industry and Nigerian retail insurance market.”

On the outlook of the bank, Wigwe expressed optimism that the Group would do well, saying that its planned strategies in 2022 are intended to unlock opportunities for its stakeholders as well as its shareholders.

‘We plan to do this by building a dynamic, efficient and agile bank with a digital-first mindset, capable of providing best in class service with strong returns,’ he said.

Also, the chairman, Board of Directors, Access Bank, Dr Ajoritsedere Awosika, said the bank will continue to pursue its strategies while building on its strengths and foundations to overcome the challenges the year will present.