Access Holdings has released its interim consolidated and separate financial report for the half year ended June 30, 2024.
The report showed that the bank grew its gross revenue by 133.5 per cent in six months to N2.2trn from N940bn during the comparable period of last year.
According to the bank in a statement made available to The Whistler, the increase was supported by higher interest and non-interest earnings in the period.
Interest income surpassed the N1trn mark, from the expansion of risk assets and effective pricing, leading to a 142 per cent growth from N606.8bn in half year 2023 to N1.47trn by half year 2024.
Non-interest income also grew by 117 per cent, rising from N333.4b in half year 2023 to N723.6bn in half year 2024.
Profit before tax increased by 108.2 per cent year-on-year, from N167.6bn in half year 2023 to N348.97bn in half year 2024, while profit after tax rose by 107.7 per cent from N135.4bn to N281.3bn over the same period.
This resulted in a 103 per cent growth in earnings per share (EPS), which increased from N3.74 in half year 2023 to N7.58 in half year 2024.
In half year 2024, total assets and shareholders’ equity stood at N36.5trn and N2.8trn, respectively.
This represents a year to date of growth of 37.1 per cent and 29.8 per cent, respectively. Customer deposits increased by 31.3 per cent, from N15.3trn in December 2023 to N20.1trn by half year 2024.
Gross loans and advances also saw an increase of 37.6 per cent, growing from N8.9trn in December 2023 to N12.3trn by half year 2024, from organic loan growth and the impact of foreign currency-denominated loans.
Cost-to-income ratio (CIR) remained relatively flat at 60.4 per cent in half year 2024 despite double digit growth in inflation and devaluation in the same period.
Cost to income was moderated as revenue outpaced operating expenses. The increase in operating expenses was primarily from ongoing IT upgrade and integration, double-digit growth in AMCON levy and NDIC premium which increased by 63.1 per cent and 37 per cent, respectively, and will normalise in the second half of the year, inflation-related cost-of-living adjustments, higher energy expenses, and the currency conversion impact of subsidiaries’ operating costs.
The group declared an interim dividend of 45 kobo per share (half year 2023, 30 Kobo), representing a 50% increase in dividend payout.
