Access Holdings Posts Remarkable 58.9% Revenue Surge

Daud Olatunji

Access Holdings Plc, the parent company of Access Bank, has reported a staggering 58.9% surge in gross revenue, totaling N940.3 billion for the first half of 2023, setting new standards in the financial industry.

In a testament to its robust performance, the company achieved a remarkable 71.4% increase in Profit Before Tax (PBT), reaching N167.6 billion, and a 52.6% boost in Profit After Tax (PAT), amounting to N135.4 billion in H1’23.

These impressive financial results were disclosed in its Audited Consolidated and Separate Financial Statements for the period concluding on June 30, 2023, submitted to the Nigerian Exchange Group (NGX).

The surge in gross revenue was primarily attributed to a 63.0% growth in interest income and a significant 51.9% increase in non-interest income.

In a display of unwavering customer trust, Access Holdings also saw a substantial 35% year-to-date growth in customer deposits, reaching an impressive N12.5 trillion by the end of the first half of the year. 

This growth encompassed all business segments, solidifying the Group’s position as Nigeria’s largest financial institution by total assets.

Access Holdings’ strategic synergies across its business divisions yielded outstanding results, with a 39.0% year-on-year increase in total assets and a 40.6% rise in shareholders’ funds.

 As of mid-year 2023, the company’s total assets and shareholders’ funds stood at N20.9 trillion and N1.7 trillion, respectively.

These remarkable figures underscore the Group’s strategic prowess and its capacity to create value through a diversified business portfolio spanning banking, asset management, and payment services, operational in twenty countries across four continents.

Herbert Wigwe, Group Chief Executive Officer of Access Holdings Plc, expressed confidence in the Group’s growth plans for the African continent.

 He stated, “Our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity among all stakeholders.”

Notably, the Group’s Pensions business achieved a milestone by surpassing N1.0 trillion in Assets Under Management (AUM), ranking as the 4th largest PFA by AUM and the 2nd largest by the number of registered retirement savings accounts (RSAs).

Additionally, its payments vertical, Hydrogen, processed over N3.0 trillion in transactions, boasting a remarkable 407% month-on-month growth in point-of-sale (POS) transactions and maintaining a 99% system uptime on account switching within the period.

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