Access Holdings increases gross profit by 31% to N592 billion

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Access Holdings Plc released its 2022 half year financial result showing a gross profit of N591.803 billion for its 2022 half year results, representing a growth of 31.42% year-on-year.

In its unaudited semi-annual financial statements submitted to Nigeria Exchange Limited, the Bank has also made significant improvements across all key performance indicators.

The result is on the back of an inflationary year, where businesses and their consumers have had to deal with the rising cost of goods and services.

Analysis of the results indicates that the bank’s pre-tax profit increased slightly by 0.42% to N97.791 billion from N97.379 billion in 2021.

Profit after tax stood at N88.739 billion compared to N86.819 billion in 2021, representing a marginal growth of 2.21%.

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Interest income calculated using the effective interest rate increased by 22.51% to 342.530 billion naira from 279.594 billion naira recorded in the half of 2021.

According to the group, during the period under review, the board of directors proposed an interim dividend of 20 Kobo per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50k each payable to shareholders of record at register of shareholders on the closing date. The withholding tax will be deducted at the time of payment.

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Other Key Financial Highlights

  • Net interest income after impairment charges decreased by 6.25% to N160.639 billion in 2022 from N171.350 billion in 2021.
  • Fee and commission revenue increased by 10.42% to N81.100 billion in 2022 from N73.446 billion the previous year.
  • Fees and commissions increased by 71.22% to 25.662 billion naira from 14.988 billion naira.
  • Other operating income fell by 27.35% to 10.029 billion naira in H2 2022 from 13.804 naira recorded in 2021.
  • Other income decreased by 14.86% to 22.011 billion naira from 25.853 billion naira the previous year.

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