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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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Akpabio drags Natasha to court over satirical apology

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Senate President Godswill Akpabio has petitioned the Federal High Court in Abuja to compel suspended Kogi Central Senator Natasha Akpoti-Uduaghan to delete a satirical apology she posted on her social media pages.

On 27 April, Akpoti-Uduaghan shared a short video in which she mockingly apologised to Akpabio, claiming it was for not allowing him to have his way with her.

Akpoti-Uduaghan stated she was ‘sorry for the crime of maintaining dignity and self-respect’ and for rejecting the advances of the Senate President, whom she implied believed no one could refuse him.

The dispute between the two senators stems from an altercation in the Senate chamber over seating arrangements.

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This led to Akpoti-Uduaghan initiating a suit that sought to stop the Senate from investigating her for alleged misconduct.

In particular, the senator asked the court to prevent the Senate Committee on Ethics, Privileges and Public Petitions, chaired by Senator Neda Imasuen, from taking any disciplinary action against her.

Akpoti-Uduaghan was later suspended following her accusations against the Senate President, accusing him of sexual harassment.

The presiding judge, Justice Binta Nyako, on 4 April 2025, restrained all parties involved in the suit from making public comments about the ongoing case.

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Meanwhile, Akpabio’s legal team, led by Kehinde Ogunwumiju, has filed a fresh application asking the court to direct Akpoti-Uduaghan to delete the video, arguing it violated a judge’s directive.

In his application, Akpabio’s lawyer also requested the court to order Akpoti-Uduaghan to remove the post from all her social media accounts.

Additionally, Ogunwumiju urged the court to mandate Akpoti-Uduaghan to publish a written apology in at least two national newspapers and file an affidavit confirming her compliance.

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Real reason APGA snubbed Obi, adopts Tinubu

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Governor Charles Soludo of Anambra on Thursday announced that the All Progressives Grand Alliance, APGA, has officially adopted President Bola Tinubu as its candidate for the 2027 presidential election.

Mr Soludo made the announcement at Alex Ekwueme Square in Awka during the President’s working visit to the state.

According Mr Soludo, APGA and the All Progressives Congress, APC, will work together, as both parties share a common belief in progressivism.

Mr Soludo said: “Progressives are working together.”

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Earlier, the President described Mr Soludo as a competent governor.

While inaugurating several major projects executed by the Soludo administration, the President described Mr Soludo as a friend and a visionary leader.

He said: “I am honoured to be here. I commend my friend, Governor Chukwuma Soludo, who is a visionary and competent leader for the work he has been doing in Anambra State.”

The projects set to be commissioned by the President include Emeka Anyaoku Center at Nnamdi Azikiwe University, the new Government House, the Solution Fun City, and the 8-lane Aroma–Government House Boulevard in Awka.

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Senate endorses Tinubu’s full tax reform package

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On Thursday, the Senate passed the final two tax reform bills submitted by President Bola Tinubu’s administration, completing the approval of all four proposed laws.

This comes a day after the Senate had already passed two of the bills, with the remaining pair receiving the green light today.

The legislation will now undergo harmonization by a joint committee of the Senate and House of Representatives before being presented to President Tinubu for assent.

The four executive bills include the Joint Revenue Board Establishment Bill, the Nigeria Revenue Service Establishment Bill, the Nigeria Tax Administration Bill, and the Nigeria Tax Bill—all aimed at overhauling and modernizing Nigeria’s tax system.

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Senate President Godswill Akpabio, in an earlier statement, praised the move, calling it “a step in the right direction” that would significantly improve governance and transform the country’s revenue collection processes.

In another major development, Nigeria has cleared all outstanding debts to the International Monetary Fund (IMF), officially exiting the list of debtor nations.

As of 2023, Nigeria owed the IMF $1.61 billion. However, under a repayment strategy initiated by President Tinubu’s administration, the debt was reduced to $472 million by January 2025 and has now been fully repaid as of May 2025.

This milestone was confirmed in the latest update on the IMF’s website, and reiterated by O’tega Ogra, Senior Special Assistant to the President on Digital Engagement and Strategy, via a post on his account.

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