… proposes 30kobo interim dividend
Access Holdings Plc has released its audited consolidated and separate financial statements for the period ended June 30, 2023. The Group reported robust gross earnings of N940.3billion, reflecting an impressive year-on-year (y/y) growth of 58.9percent. This substantial surge in gross earnings was driven by a combination of 63percent growth in interest income and 51.9percent increase in non-interest income.
Access Holdings Plc delivered a profit before tax (PBT) and profit after tax (PAT) figure of N167.6billion and N135.4billion, translating into a 71.4percent y/y and 52.6percent y/y growth respectively.
The results at the Nigerian Exchange Group (NGX) which showed a set of impressive performance highlights affirmed Access Holdings Plc steadfast commitment and prominent industry standing in delivering sustainable returns to stakeholders.
Access Holdings Plc proposes an interim dividend of 30 kobo per share payable to shareholders whose names appear on the register of members as at close of business on Thursday October 5, while the dividend will be paid electronically on October 19.
In a demonstration of the trust and confidence reposed in the institution by its customers, Access Holdings also witnessed a significant 35percent year-to-date growth in customer deposits, concluding the half-year at a commendable N12.5trillion. This growth was inclusive of all business segments, firmly solidifying the Group’s stature as the largest financial institution in Nigeria by total assets.
Read also: Why half-year financial statement is delayed – Access Holdings
Access Holdings’ synergies across its business verticals yielded remarkable results, as the company experienced a 39percent y/y increase in total assets and a 40.6percent year-on-year rise in shareholders’ funds. As of the mid-year point in 2023, total assets and shareholders’ funds stood at N20.9trillion and N1.7trillion, respectively.
These striking figures underscore the efficacy of the Group’s strategic approach and its ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services, operational in twenty countries across four continents.
“Our growth plans for the African continent remains firm and clear, driven by the strong long term growth prospects and trade opportunities seen across many of the countries,” said Herbert Wigwe, Group Chief Executive Officer, Access Holdings Plc.
“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,” Wigwe added.
The Group’s pensions business surpassed the N1trillion in Assets Under Management (AUM) milestone, thereby ranking as the 4th largest PFA by AUM and the 2nd largest by the number of registered retirement savings accounts (RSAs). Furthermore, its payments vertical, Hydrogen, processed over N3trillion in transactions, achieving a 407percent month-on-month growth in point of sale (POS) transactions and 99percent system uptime on account switching within the period.
Despite operating in a high inflationary environment, Access Holdings improved its cost-to-income ratio (CIR) by 4.9percent y/y, accomplished through prudent adjustments in personnel costs, effective management of regulatory fees, and continued investments in technology to enhance cost efficiency and improve the overall user experience. In terms of regulatory ratios, the Group displayed a robust liquidity position and capital adequacy, surpassing regulatory thresholds with a liquidity ratio (LR) of 50percent and a capital adequacy ratio (CAR) of 19.1percent.
