In a resounding testament to its financial prowess and strategic acumen, Access Holdings Plc, the parent company of AAccess Holdings Plc Soars a staggering 58.9% surge in gross revenue, reaching an impressive N940.3 billion for the first half of 2023, ending on June 30th, H1’23.
This remarkable financial feat was unveiled in the Audited Consolidated and Separate Financial Statements submitted by the company to the Nigerian Exchange Group (NGX), setting the stage for awe-inspiring revelations.
Notably, Access Holdings Plc Soars exceptional growth extended beyond just revenue. The company reported a remarkable 71.4% increase in Profit Before Tax (PBT), which soared to N167.6 billion, and a robust 52.6% rise in Profit After Tax (PAT), landing at a substantial N135.4 billion for H1’23.
The key drivers behind this astounding revenue growth included a 63.0% expansion in interest income and a formidable 51.9% surge in non-interest income, showcasing the company’s diversified revenue streams.
A testament to the unwavering trust and confidence of its customers, Access Holdings witnessed a significant 35% year-to-date growth in customer deposits, concluding the half-year with an impressive N12.5 trillion. This growth permeated all business segments, solidifying the Group’s position as the largest financial institution in Nigeria by total assets.
Access Holdings’ harmonious synergies across its business verticals yielded impressive results. The company reported a staggering 39.0% year-on-year increase in total assets, reaching an impressive N20.9 trillion by the mid-year point of 2023. Simultaneously, shareholders’ funds experienced a remarkable 40.6% year-on-year surge, settling at an enviable N1.7 trillion.
These remarkable achievements underscore the effectiveness of the Group’s strategic approach and its ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services across twenty countries and four continents.
Herbert Wigwe, Group Chief Executive Officer of Access Holdings Plc, shared his optimism, stating, “Our growth plans for the African continent remain firm and clear, driven by the strong long-term growth prospects and trade opportunities seen across many of the countries. Continuing with our 5-year cyclical strategy, our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity among all stakeholders.”
In a pivotal achievement, the Group’s Pensions business crossed the monumental milestone of N1.0 trillion in Assets Under Management (AUM), securing its position as the 4th largest PFA by AUM and the 2nd largest by the number of registered retirement savings accounts (RSAs).
Moreover, the payments vertical, Hydrogen, demonstrated its prowess by processing over N3.0 trillion in transactions, marking a staggering 407% month-on-month growth in point of sale (POS) transactions and maintaining an impressive 99% system uptime on account switching within the period.
Access Holdings Plc’s financial performance in H1’23 stands as a testament to its unwavering commitment to excellence and its formidable position in the financial landscape, poised for even greater accomplishments in the future.
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