Connect with us

News

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

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad
 
 
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.
Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

FG announces New Framework to Reintegrate Repentant Terrorists, Bandits

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Federal Government has introduced a new operational framework aimed at strengthening the disarmament, demobilisation and reintegration (DDR) of former terrorists, bandits and other individuals who have renounced armed violence across Nigeria.

The initiative, unveiled through the National Counter Terrorism Centre (NCTC) under the Office of the National Security Adviser (ONSA), is designed to improve coordination among government agencies and ensure a more structured approach to rehabilitating ex-combatants while promoting lasting peace in conflict-affected communities.

The National Coordinator of the NCTC, Major General Adamu Laka, disclosed this on Monday during the National Validation Workshop on the Standard Operating Procedures (SOPs) for Disarmament, Demobilisation and Reintegration held in Abuja.

According to Laka, the newly developed procedures will guide the implementation of the DDR programme at the federal level and in the pilot states of Kaduna, Katsina and Zamfara.

Advertisement

He explained that the initiative forms part of the Federal Government’s broader strategy to tackle insecurity through a combination of military operations and non-military interventions aimed at addressing the root causes of violent extremism.

Laka said the Standard Operating Procedures were developed to ensure that the government’s reintegration programme is implemented in a coordinated, transparent and effective manner.

He noted that the guidelines provide practical direction for ministries, security agencies, civil institutions and other organisations involved in identifying, processing, rehabilitating and reintegrating individuals who have abandoned violence.

According to him, the framework clearly outlines the responsibilities of participating institutions, promotes accountability and strengthens collaboration among stakeholders, while eliminating overlaps in responsibilities.

Advertisement

The NCTC coordinator observed that although Nigeria already has a National DDR Framework, there was a need for detailed operational guidelines to translate policy objectives into practical actions.

“Recognising that a policy framework alone is insufficient to guide implementation, the NCTC and its partners subsequently developed a comprehensive set of Standard Operating Procedures to translate the strategic objectives of the National DDR Framework into practical guidance for implementing institutions,” Laka said.

He explained that the SOPs establish uniform standards for implementing the programme nationwide while clearly defining the roles and responsibilities of each participating agency.

Laka disclosed that the framework was developed after extensive consultations with security agencies, government institutions, peacebuilding organisations and other relevant stakeholders.

Advertisement

According to him, the procedures draw from Nigeria’s previous experiences, international best practices and the country’s unique security realities.

“These Standard Operating Procedures have been developed through extensive consultations and draw upon national experiences, international best practices, and the unique realities of the Nigerian context,” he added.

He noted that the consultations considered the experiences of communities affected by terrorism and banditry as well as lessons learned from similar rehabilitation programmes in other countries.

The Federal Government selected Kaduna, Katsina and Zamfara as pilot states for the implementation of the new framework due to the prolonged security challenges confronting the North-West region.

Advertisement

The three states have witnessed repeated attacks by terrorists, bandits and kidnappers, resulting in numerous deaths, displacement of residents and disruption of economic and social activities.

Officials said the pilot phase would enable the government to evaluate the effectiveness of the guidelines, identify implementation gaps and make necessary adjustments before extending the programme to other parts of the country.

Laka stressed that the initiative reflects the government’s belief that military operations alone cannot permanently resolve Nigeria’s security challenges.

He said effective disarmament, rehabilitation and reintegration programmes would help reduce the likelihood of former fighters returning to violent groups while also supporting reconciliation and the recovery of communities devastated by years of conflict.

Advertisement

The NCTC coordinator, however, emphasised that the success of the programme would depend on effective collaboration among government institutions, security agencies, traditional rulers, community leaders, civil society organisations and other stakeholders.

He reaffirmed the Federal Government’s commitment to implementing comprehensive strategies aimed at restoring peace, enhancing public safety and rebuilding communities affected by terrorism, banditry and other forms of armed violence.

Continue Reading

News

Court verdict will not affect our candidates primaries elections-ADC

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

…to challenge judgement

The African Democratic Congress (ADC) has promised its members and supporters that the Court of Appeal verdict on the party’s congresses will not invalidate its primary elections or the candidates who emerged from them.

This was contained in a statement issued on Monday by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC said the judgment only relates to the election of its ward, local government and state executive committees and has no impact on the direct primaries conducted by the party.

“The African Democratic Congress (ADC) notes the judgment delivered by the Court of Appeal in Abuja on Monday in a matter relating to party congresses for the election of ward, local government and state executive committees of the party,” the statement read.

Advertisement

The party stressed that the ruling does not invalidate the emergence of its candidates at any level.

“We wish to assure members of the party and the general public that this judgment has no effect whatsoever on the direct primaries through which the party’s candidates have emerged at all levels,” it said.

The ADC also disclosed that it had begun the process of challenging the judgment at a higher court, insisting that it disagrees with the decision.

“The party has already commenced the process of appealing the judgment, which we respectfully disagree with and consider to be legally unsustainable,” the statement added.

Advertisement

The party further said it took note of the dissenting judgment delivered by the presiding justice, describing it as more consistent with its position and the law.

We also note the dissenting judgment of the presiding Justice, which, in our view, more accurately reflects the settled position of the law and the party’s position,” it stated.

The ADC appealed to its members and supporters across the country to remain calm and focused despite the court ruling.

“We urge all party members and the millions of our supporters to remain calm, confident and focused,” the statement said.

Advertisement

The party said it would continue to pursue its goal of offering Nigerians a credible alternative through constitutional and lawful means.

“The African Democratic Congress remains committed to the task of providing Nigerians with a credible alternative and will continue to pursue that mission in accordance with the Constitution and the rule of law,” .

Continue Reading

News

Orire: Nigerian Army gives reasons why drones could not locate kidnappers

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Nigerian Army has given reasons why drones deployed during the rescue operation for abducted pupils, teachers and other victims in Oriire Local Government Area of Oyo State were unable to effectively track the kidnappers.

Speaking during the formal handover of the rescued victims to the Oyo State Government, the General Officer Commanding (GOC) 2 Division, Nigerian Army, said the operation was particularly difficult due to the challenging terrain within the forest where the victims were held.

The GOC disclosed that after the initial operation, troops continued to pursue the abductors using intelligence and advanced surveillance technology. However, the kidnappers had moved deeper into the dense forest, making it increasingly difficult to locate them.

According to him, the military deployed drones and other technological assets to support the search, but the thick forest canopy significantly reduced the effectiveness of aerial surveillance.

Advertisement

He explained that the dense vegetation concealed the kidnappers beneath the trees, preventing drones from detecting their exact location.

Despite the setback, the GOC said troops maintained sustained pressure on the abductors through coordinated intelligence-driven operations, which eventually forced a breakthrough that led to the successful rescue of the victims.

He reiterated the Nigerian Army’s commitment to working with other security agencies to combat kidnapping and restore safety across Oyo State and the country.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News