Access Holdings Records Gross Revenue Of N940.3bn

Access Holdings Plc has reported a gross earnings of N940.3 billion in its audited half year results ended June 30, 2023.

The Holdings results released on the Nigerian Exchange Group (NGX) showcased a set of impressive performance highlights, affirming its steadfast commitment and prominent industry standing in delivering sustainable returns to stakeholders.

The company proposed an interim dividend of 30 kobo per share to its shareholders for the period under review.

Access Holdings’ gross earnings figure of N940.3 billion, reflecting an impressive year-on-year (Y-o-Y) growth of 58.9 per cent. This substantial surge was driven by a combination of 63.0 per cent growth in interest income and 51.9 per cent increase in non-interest income.

The Group delivered a profit before tax (PBT) and profit after tax (PAT) figure of N167.6 billion and N135.4 billion, translating into a 71.4 per cent year-on-year (Y-o-Y) and 52.6 per cent Y-o-Y growth respectively.

Access Holdings witnessed a significant 35 per cent year-to-date growth in customer deposits, concluding the half-year at a commendable N12.5 trillion.

Access Holdings’ synergies across its business verticals yielded remarkable results, as the company experienced a 39.0 per cent Y-o-Y increase in total assets and a 40.6 per cent 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.

Speaking on the Holding Company performance, Group chief executive officer, Access Holdings, Herbert Wigwe said, “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.”

“Continuing with our 5-year cyclical strategy, our primary objective remains to transform Access Holdings into a leading financial and ecosystem player, fostering opportunities for shared prosperity` among all stakeholders,” Wigwe added.

Notably, the Group’s Pensions business surpassed the N1.0 trillion in Assets Under Management (AUM) milestone, thereby ranking as the fourth largest PFA by AUM and the second largest by the number of registered retirement savings accounts (RSAs).

Furthermore, its payments vertical, Hydrogen, processed over N3.0 trillion in transactions, achieving a 407 per cent month-on-month growth in point of sale (POS) transactions and 99 per 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 4.9 per cent Y-o-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 50 per cent and a capital adequacy ratio (CAR) of 19.1 per cent.