Access Holdings’ Revenue Hits ₦2.2 Trillion In H1 2024
By Sulaimon Salau
Access Holdings Plc, has reported triple-digit growth across all profitability metrics, with gross revenue rising by 133.5% year-on-year, from ₦940 billion in half year 2023 to ₦2.2 trillion in half year 2024.
This increase, accoyto the company, was supported by higher interest and non-interest earnings in the period. This was disclosed its half-year audited financial results for the period ended 30 June 2024.
It stated: “In half year 2024, total assets and shareholders’ equity stood at ₦36.5 trillion and ₦2.8 trillion, respectively. This represents a year to date of growth of 37.1% and 29.8%, respectively. Customer deposits increased by 31.3%, from ₦15.3 trillion in December 2023 to ₦20.1 trillion by half year 2024.
“Gross loans and advances also saw an increase of 37.6%, growing from ₦8.9 trillion in December 2023 to ₦12.3 trillion by half year 2024, from organic loan growth and the impact of foreign currency-denominated loans.
“Interest income surpassed the ₦1 trillion mark, from the expansion of risk assets and effective pricing, leading to a 142% growth from ₦606.8 billion in half year 2023 to ₦1.47 trillion by half year 2024.
“Non-interest income also grew by 117%, rising from ₦333.4 billion in half year 2023 to ₦723.6 billion in half year 2024.
“Profit before tax increased by 108.2% year-on-year, from ₦167.6 billion in half year 2023 to ₦348.97 billion in half year 2024, while profit after tax rose by 107.7%, from ₦135.4 billion to ₦281.3 billion over the same period.
“This resulted in a 103% growth in earnings per share (EPS), which increased from ₦3.74 in half year 2023 to ₦7.58 in half year 2024,” it stated.
