By Ayomide Otitoju
Access Holdings Plc reported a remarkable 133.5% increase in gross earnings, reaching N2.2 trillion in the first half of 2024, up from N940.3 billion in the same period last year. This surge was driven by a 116% rise in interest income, totaling N1.3 trillion, and a significant jump in fee and commission income, which doubled to N250.9 billion from N125 billion.
In its interim financial statement filed with the Nigeria Exchange Limited, the company disclosed a profit before tax of N348.9 billion, a 108.1% increase from N167.6 billion in June 2023. Profit from continuing operations also saw a substantial rise, growing 107.7% to N281.3 billion.
Total comprehensive income climbed 22.6% to N682.4 billion, while profit before tax increased to N92.1 billion, a 107.8% gain from N44.3 billion in 2023. The company’s profit for the period surged by 98.8% to N87.3 billion.
Earnings per share (basic and diluted) rose 103.5% to 761 kobo, up from 374 kobo in H1 2023. However, non-controlling interest fell by 159.8% to N36.1 billion, and interest expenses surged 150.5% to N958.7 billion, positively affecting net interest income, which grew 129% to N513.4 billion.
The group’s total assets increased by 37.1% to N36.6 trillion from N26.7 trillion in December 2023. Access Holdings aims for a profit target of N10 trillion by 2027, emphasizing its commitment to becoming a global banking leader, according to CEO Roosevelt Ogbonna.
