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Access Holdings Reports N2.2trn Revenue in First Half of 2024

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By Gloria Ikibah
 
Access Holdings Plc has announced a revenue of N2.2 trillion in its half-year audited financial results for the period ending June 30, 2024, highlighting the company’s resilience and commitment to sustainable growth. 
 
This performance, showcased across key balance sheet indicators, reflects a solid, diversified financial foundation.
 
The company operates in 22 markets across four continents through its banking franchise, along with non-banking subsidiaries such as Access Pensions, Hydrogen Payments, and Access Insurance Brokers.
 
As of mid-2024, Access Holdings reported total assets of N36.5 trillion and shareholders’ equity of N2.8 trillion, representing year-to-date growth of 37.1% and 29.8%, respectively. Customer deposits grew by 31.3% to N20.1 trillion, while gross loans and advances rose by 37.6% to N12.3 trillion, driven by organic loan growth and foreign currency loans.
 
Access Holdings recorded a significant year-on-year growth in revenue, with gross earnings rising by 133.5% from N940 billion in H1 2023 to N2.2 trillion in H1 2024. This surge was driven by higher interest and non-interest income. Interest income reached N1.47 trillion, a 142% increase, while non-interest income grew by 117% to N723.6 billion.
 
The company’s profit before tax increased by 108.2%, reaching N348.97 billion, while profit after tax grew by 107.7% to N281.3 billion. Earnings per share (EPS) also saw a notable increase of 103%, rising from N3.74 in H1 2023 to N7.58 in H1 2024.
 
Despite inflation and currency devaluation, the cost-to-income ratio remained stable at 60.4%. The company attributed increased operating expenses to IT upgrades, higher AMCON levies, NDIC premiums, inflation adjustments, and higher energy costs.
 
To reward shareholders, Access Holdings declared an interim dividend of 45 kobo per share, a 50% increase from H1 2023.
 
 
Banking Group Performance
 
Access Banking Group saw strong year-on-year growth, with net interest income up by 131% to N536.7 billion. Fees and commissions also grew by 94%, driven by higher transaction volumes on digital platforms. The group’s subsidiaries contributed 55% to the overall Profit Before Tax (PBT), with their PBT growing by 218%.
 
The bank reported successful integration of its operations in Zambia and Tanzania, which expanded its customer base and cross-border banking capabilities. The non-performing loan (NPL) ratio remained low at 2.72%, while the Capital Adequacy Ratio (CAR) stood at a strong 19.8%.
 
 
Non-Banking Subsidiaries
 
Access Pensions saw a 162.1% increase in Assets Under Management (AUM), reaching N2.9 trillion, positioning it among Nigeria’s top two pension administrators. Hydrogen Payments reported an impressive 1,871% growth in revenue, with total payment volumes reaching N13.8 trillion. Access Insurance Brokers also experienced significant growth, with gross premiums up by 83% and commission income rising by 60%.
 
 
Outlook for H2
 
Access Holdings is optimistic about surpassing its first-half growth in the second half of 2024. The company aims to continue scaling its non-banking segments, expand its digital footprint, and strengthen its presence in key markets. The completion of ongoing technology infrastructure upgrades will further enhance operational efficiency and customer experience.
 
Additionally, Access Holdings is awaiting approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its N351 billion rights issue.
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US troop withdrawal won’t affect counterterrorism cooperation – DHQ

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The Defence Headquarters has said the reported withdrawal of about 200 United States personnel from Nigeria will not affect the country’s security cooperation with the US, describing the development as a routine adjustment tied to specific operational objectives.

The Director of Defence Information, Maj Gen S. Uba, stated this on Tuesday while addressing journalists at the joint security spokespersons briefing.

Uba said the withdrawal should not be interpreted as a breakdown or termination of the longstanding security partnership between Nigeria and the United States.

“The Armed Forces of Nigeria wishes to clarify that the reported withdrawal of about 200 United States personnel should not be interpreted as a breakdown or termination of the Nigeria-United States security partnership,” he said.

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According to him, the relationship between both countries remains “strong, enduring, and mutually beneficial,” noting that the deployment of American personnel was linked to specific operational and counterterrorism objectives.

“The decision to draw down personnel is therefore part of the evolving nature of that engagement. Elements of the United States security partnership, particularly intelligence cooperation, training and information sharing, will continue,” Uba added.

He stressed that the responsibility for defending Nigeria and protecting its citizens remained primarily with Nigerian security forces, while noting that cooperation with the US aimed to strengthen the capabilities of the Nigerian military.

“The Armed Forces of Nigeria has consistently maintained that the responsibility for the defence of Nigeria and the protection of its citizens rests primarily with Nigerian security forces,” the DDI said.

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He explained that the bilateral security partnership covered intelligence sharing, training, technical assistance and other forms of professional military cooperation.

“Our cooperation with the United States is designed to strengthen our capabilities through intelligence sharing, training, technical assistance, and other forms of professional military cooperation,” he said.

Uba said that when Nigeria and the US jointly assessed the need for additional interventions, including joint strikes, they carried them out.

“Where it is jointly assessed that additional efforts, including joint strikes, are required, we do that,” he stated.

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The defence spokesman said the partnership had continued to yield positive results in the fight against terrorism and other transnational security threats.

“Indeed, the Nigeria-United States partnership has continued to produce valuable outcomes in the fight against terrorism and other transnational security threats,” he said.

Uba urged the media and members of the public not to interpret the adjustment in the presence of foreign military personnel as an indication of weakening security cooperation or Nigeria’s defence capacity.

“We equally call on the media and the Nigerian public to avoid interpreting a routine or mission-specific adjustment in foreign military presence as evidence of a collapse in Nigerian security cooperation or national defence capability,” he said.

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He reiterated that the Nigeria-US security relationship remained enduring and that cooperation in areas of mutual interest was expected to continue.

The clarification came after US officials said most of the additional forces deployed for the Lake Chad operation had returned following the completion of their mission, while intelligence sharing and broader security cooperation with Nigeria would continue.

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Lagos begins enforcement of 2026 parking permits, warns defaulters

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The Lagos State Parking Authority (LASPA) has commenced enforcement of the 2026 parking permit regulations across its operational zones, warning defaulters of substantial fines and immediate suspension of operations.

LASPA General Manager, Adebisi Adelabu, disclosed this in a statement shared on the state government’s official page on Tuesday, saying the enforcement marked the end of the extended grace period given to customers to regularise their operations and obtain their 2026 parking permits.

Adelabu said the extension was intended to give affected customers sufficient time to meet their obligations and comply with the authority’s requirements.

According to her, the enforcement is aimed at ensuring compliance with approved parking regulations, promoting accountability and strengthening the management of parking activities across Lagos.

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She added that the exercise would support compliance with laws governing the transport sector while improving parking management across the state.

The LASPA boss expressed concern that many customers had yet to obtain their 2026 parking permits despite several appeals, direct communications, reminders and the extended grace period.

“The commencement of the enforcement marks the end of the prolonged grace period granted to customers to regularise their activities and obtain their 2026 parking permits,” she said.

Adelabu said LASPA had earlier distributed the 2026 Demand Notices to all registered customers, clearly stating the applicable fees, requirements and procedures for obtaining the permits.

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She urged customers who had yet to regularise their operations to do so immediately to avoid sanctions for continued non-compliance.

The general manager stressed that the enforcement exercise was not intended to punish operators but to restore order, accountability and efficiency within the state’s parking system.

“The enforcement exercise is not intended to be punitive, but a necessary measure to restore order, accountability and efficiency within Lagos’ parking ecosystem,” she said.

Adelabu explained that valid parking permits and accurate customer records were essential for LASPA to effectively plan, monitor, regulate and manage parking infrastructure and services across the state.

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“Valid parking permits and accurate customer records are essential to enable LASPA to effectively plan, monitor, regulate and manage parking infrastructure and services across the state,” she said.

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NAPTIP seeks probe of CSOs over alleged child trafficking

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The National Agency for the Prohibition of Trafficking in Persons, NAPTIP, has called for an investigation into some civil society organisations, CSOs, allegedly being used as fronts by human traffickers to gain access to vulnerable communities and traffic children.

The agency also disclosed that it had recovered 118 children allegedly trafficked from Nasarawa, Benue and three other states in the North-Central region.

NAPTIP’s Head of Press and Public Relations, Vincent Adekoye, disclosed this on Tuesday in Abuja at a joint briefing by security agencies’ spokespersons.

Adekoye said traffickers were increasingly exploiting communities affected by insecurity, including farmer-herder conflicts, by posing as representatives of non-governmental organisations and offering assistance to vulnerable families.

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He said some traffickers approached distressed communities under the guise of providing educational and humanitarian support before taking children away.

“Traffickers also now masquerade under the umbrella of Civil Society Organizations and move to communities that are already distressed; moving to communities where you have farmer-herder crises, and promising parents that, ‘we will take your children back to school,’ under a fake back-to-school project. And from there, they harvest children, move them,” he said.

Adekoye disclosed that NAPTIP recently rescued four children in Onitsha, Anambra State, who were allegedly trafficked from Kajuru in Kaduna State in 2023.

He said some of the children were recovered from a high-rise building, while another was found in the custody of a nurse at a Federal Medical Centre in Onitsha.

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According to him, the agency is planning to profile CSOs, particularly community-based and faith-based organisations operating in vulnerable areas, to prevent criminal elements from exploiting their credibility.

“We have continued to ensure that we want to profile the Civil Society Organizations in Nigeria. My DG has asked me to convey to them, the leadership of the CSOs in Nigeria, to do an in-house cleansing,” Adekoye said.

He explained that community-based, faith-based and non-governmental organisations were often familiar to residents and could therefore be exploited by traffickers seeking to gain the trust of vulnerable families.

The NAPTIP spokesman said the agency had so far recovered 118 children allegedly trafficked from Nasarawa, Benue and three other North-Central states.

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He urged Nigerians to remain vigilant and report suspicious activities involving organisations seeking to take children away from their families.

“As at last count, we have recovered 118 of such children from those that were trafficked from Nasarawa and from Benue, and three other states within the North Central. So, we are appealing to Nigerians to be watchful. When you see them, please contact NAPTIP,” he said.

Adekoye recalled that NAPTIP had earlier disclosed the rescue of more than 180 children from trafficking networks allegedly operating under the guise of civil society organisations offering educational support to vulnerable families.

Traffickers exploit social media

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The agency also warned of an increasing technology-driven dimension to human trafficking, saying traffickers were using social media platforms to recruit young Nigerians with promises of lucrative jobs and better living conditions abroad.

Adekoye said NAPTIP recently rescued 16 young Nigerian men from Thailand after they were allegedly lured with attractive employment offers.

He explained that the recruitment process was often designed to appear legitimate, with traffickers offering to arrange travel documents, transportation and other logistics for prospective victims.

“From beginning, it looks so real to them that they have no reason at all to doubt. So, the agency has been inundated in recent times with calls from some of them who are stranded.

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“Just in July, we rescued about 16 of them from Thailand. When you hear their story, your emotion will corrupt you of what they pass through. Some of them couldn’t survive. Those who survived have a narrow escape from death,” he said.

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