Access Holdings Posts N281.327 Billion Profit After Spending Almost N1 Trillion on Interest Expenses in H1 2024

Access Holdings Plc, one of the leading financial companies in Nigeria, grew gross earnings by 133.5% from N940.311 billion in the first half (H1) of 2023 to N2.196 trillion in H1 2024, according to the lender’s latest financial statement.

In the financial statement obtained by Investors King, Access Holdings Plc realized N1.288 trillion in interest income calculated using an effective interest rate, a 116% increase from N596.136 billion recorded in the corresponding period of 2023.

Interest income on financial assets at FVTPL jumped 1620.5% from N10.701 billion in H1 2023 to N184.106 billion in H1 2024.

The lender paid N958.732 billion in interest expense during the period under review, a 150.6% increase from N382.598 billion paid in H1 2023.

Access Holding grew profit before income tax by 108% to N347.922 billion from N167.601 billion filed in H1 2023. A total of N67.595 million was paid in income tax while profit from continuing operations rose to N281.327 billion, up by 107.7% from N135.441 billion achieved in the same period of 2023.

The lender reported other comprehensive income of N401.118 billion and a total comprehensive income of N682.446 billion.

Total equity inched slightly higher to N2.837 trillion.

On Outlook For The Rest of The Year.

The financial organisation said “Access Holdings remains confident in its ability to surpass the growth momentum achieved in the first half of the year as we look ahead to the second half. Our strategic priorities will remain focused on scaling non-banking segments, expanding our digital footprint, and solidifying our presence in high-growth African and international markets. These are geared towards accelerating revenue diversification and ensuring long-term sustainable value creation for our shareholders.

“Furthermore, we are fast-tracking the completion of our technology infrastructure integration and upgrades, which will significantly enhance operational efficiency across the group. This technology transformation will strengthen our digital capabilities, allowing us to deliver superior services to our customers, drive operational synergies, and optimise cost.

“Our strategic focus on non-banking segments, digital expansion, and geographic diversification will continue to create lasting value for shareholders, positioning the group to capitalise on emerging opportunities and sustain growth in the long term.

“We recently concluded our rights issue of N351 billion, and we are awaiting the Central Bank of Nigeria (CBN) capital verification and the Securities and Exchange Commission (SEC) approval for the allotment of rights. We will keep our investors and shareholders informed as we proceed with the exercise.”