Access Holdings reports N348.9 billion pre-tax profit in H1 2024, total assets surge to N36.6 trillion

Access Holdings posted a pre-tax profit of N348.9 billion for the half-year ending June 30, 2024, as banks continue to enjoy bumper profits from Nigeria’s high interest rates.

The group’s pre-tax profit during the half-year marks a 108 per cent year-on-year growth from the N167.6 billion posted in H1 2023. Also, the group posted a 107.7% year-on-year growth in its profit after tax, which hit N281.3 billion in H1 2024 from N135.4 billion in H1 2023.

A key component of the banking group’s success was the 37% growth in its total assets to N36.6 trillion from N26.7 trillion at the start of the year.

Like its banking contemporaries, Access Holdings posted a 116% year-on-year growth in its interest income. The group posted an interest income of N1.29 trillion during the half-year, contrasting with N596 billion recorded in H1 2023.

The group also recorded a net interest income of N513.4 billion, marking a 129% growth from N224.2 billion recorded in H1 2023. It also posted N251 billion in fee and commission income, reflecting a 101% growth from the N125 billion fee and commission income posted in H1 2023.

Access Holdings posted net foreign exchange gains of N253.9 billion during the half-year. In H1 2023, it recorded a net FX gain of N244.3 billion.

The banking group has seen a substantial increase in its investment securities portfolio, now valued at approximately N10.1 trillion. This marks an 88% growth from the N5.34 trillion recorded at the beginning of the year. Most of this growth is linked to a 226% growth in its treasury bills portfolio which now stands at N2.46 trillion, in contrast with N754.8 billion at the start of the year.

The group’s FGN bonds portfolio also increased by 211%, from N851.8 billion at the start of the year to N2.65 trillion as of the period under review.

Access Holdings’ loan portfolio grew to N10.8 trillion during the half year, from N8 trillion at the start of the year.

Access Holdings had carried out an N351 billion rights issue in July 2024, however, results are yet to be disclosed. As of September 20, Access Holdings was trading on the NGX with a share price of N19.00.