The Group Managing Director, GMD, Access Holdings PLC, Herbert Wigwe says the plan to transform Access Holdings Plc into a leading financial and ecosystem player in Africa remains firm.
The group’s chief executive stated this on the back of the company release of its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2023, to the Nigerian Exchange Group, NGX.
Access Holdings Plc, the parent company of Access Bank recorded a 58.9 percent increase in gross revenue to over N940 billion for the half year ended June 30, 2023, H1’23, according to the statement to NGX.
Speaking Wigwe said the financial provider is resolute in its objective to foster opportunities for shared prosperity with customers and other stakeholders.
According to him, “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.
“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.”
The financial service providers also stated in the statement to NGX that it recorded 71.4 percent and 52.6 percent increase in Profit Before Tax, PBT, and Profit After Tax, PAT, at N167.6 billion and N135.4 billion respectively for H1’23.
The growth in gross revenue was driven by a combination of 63 percent growth in interest income and 51.9 percent increase in non-interest income.
The Holder said: “In a demonstration of the trust and confidence reposed in the institution by its customers, Access Holdings also witnessed a significant 35% year-to-date growth in customer deposits, concluding the half-year at a commendable N12.5 trillion. This growth was inclusive of all business segments, firmly solidifying the Group’s stature as the largest financial institution in Nigeria by total assets.
“Access Holdings’ synergies across its business verticals yielded remarkable results, as the company experienced a 39.0% y/y increase in total assets and a 40.6% year-on-year rise in shareholders’ funds. As of the mid-year point in 2023, total assets and shareholders’ funds stood at N20.9 trillion and N1.7 trillion 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.”
Meanwhile, the Group’s Pensions business has 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 N3.0 trillion in transactions, achieving a 407 percent month-on-month growth in point of sale, POS, transactions, and 99 percent system uptime on account switching within the period.
