Access Holdings Plc, a leading multinational financial services group, has announced its half-year audited financial results for the period ending June 30, 2024, showcasing remarkable growth in revenue and profitability across all key performance metrics. The group reported a gross revenue of ₦2.2 trillion for H1 2024, representing a 133.5% year-on-year increase, up from ₦940 billion in H1 2023.
The company’s impressive performance was bolstered by higher interest and non-interest income, with interest income rising by 142% to ₦1.47 trillion and non-interest income growing by 117% to ₦723.6 billion. Access Holdings’ profit before tax (PBT) increased by 108.2% year-on-year, reaching ₦348.97 billion, while profit after tax (PAT) surged by 107.7%, hitting ₦281.3 billion.
Access Holdings continues to maintain a robust and diversified financial position. Total assets grew by 37.1%, standing at ₦36.5 trillion, while shareholders’ equity rose by 29.8% to ₦2.8 trillion. The group’s customer deposits also saw a 31.3% increase, reaching ₦20.1 trillion by the end of the half-year, and gross loans and advances grew by 37.6% to ₦12.3 trillion.
Despite a challenging economic environment, the Access Banking Group recorded strong growth, with net interest income rising by 131% to ₦536.7 billion, while fees and commissions increased by 94% to ₦232.5 billion. The banking subsidiaries contributed significantly to overall profitability, accounting for 55% of the Group’s PBT, which saw a 218% year-on-year growth.
Access Holdings’ non-banking subsidiaries delivered strong performance in H1 2024. Access Pensions reported a 162.1% increase in assets under management (AUM), reaching ₦2.9 trillion. Hydrogen Payments recorded exceptional growth, with a 1,871% increase in top-line revenue and a 306% surge in total payment volume to ₦13.8 trillion. Access Insurance Brokers also posted impressive results, with an 83% increase in gross premiums written, rising to ₦5.9 billion in H1 2024.
Access Holdings remains confident in its ability to maintain its growth trajectory, focusing on expanding its non-banking segments, digital footprint, and geographic presence in high-growth African and international markets. The company declared an interim dividend of 45 kobo per share, a 50% increase from the previous year’s 30 kobo. Access Holdings continues to lead the financial services industry in Nigeria and beyond, driven by its commitment to sustainable growth, innovation, and long-term value creation for its shareholders.