Access Holdings H1 2023 Reveals A 58% Jump in Gross Earnings to N940Bn With $180 Million (₦137.73Bn) In PBT
The Oasis Reporters
September 25, 2023
180 Million USD to NGN is worth ₦137,730,135,600.00 (NGN)
The multinational conglomerate Access Holdings Plc led by billionaire investor Herbert Wigwe has announced the release of its audited financial statements for the first half of 2023. The report shows an impressive 58 percent increase in gross earnings thanks to exchange rate devaluation gains.
Access Holdings is the parent company of Access Bank with subsidiaries in Nigeria and several countries.
Access Holdings Plc has reported gross earnings of N940.311 billion in the first six months. This represents a 58% increase when compared to N591.80 billion earnings reported in the same period last year 2022.
The report by Access Holdings is a remarkable financial achievement, posting a profit of more than $180 million in the first half of its 2023 fiscal year.
According to the recently released financial result after a slight delay as it awaited Central Bank of Nigeria approval, the Pan-African conglomerate witnessed a substantially impressive financial performance which was primarily propelled by a surge in the group’s interest income, which skyrocketed to N596.14 billion ($806.7 million), and non-interest income, reaching N224.24 billion ($303.4 million) during the period under review.
Under Wigwe, Access also saw its total deposits surge from N11.26 trillion ($15.23 billion) at the start of the year to N14.93 trillion ($20.2 billion) as of June 30, 2023. Its total loans and advances to banks and customers surged by 37.2 percent from N5.56 trillion ($7.52 billion) to N7.62 trillion ($10.3 billion) during the same time frame.
Access Holdings, a prominent player in Nigeria’s financial services sector, maintains active operations across 12 African nations and has been diligently extending its presence in Africa and Europe. Notably, the conglomerate recently announced plans to acquire the Sub Saharan subsidiaries of the UK-based multinational bank, Standard Chartered Bank.
Wigwe, who serves as the group managing director and CEO of Access Holdings, owns a substantial 7.14-percent stake in the financial giant, equivalent to 2,536,687,116 ordinary shares as of June 30, 2023.
As a direct consequence of its stellar half-year results, Access Holdings witnessed a significant boost in its total assets, which rose from N14.99 trillion ($20.3 billion) on Dec. 31, 2022, to N20.85 trillion ($28.21 billion) as of June 30, 2023. Furthermore, retained earnings showed a modest increase, rising from N408.7 billion ($553 million) to N442.81 billion ($599.2 million).
In light of this outstanding financial performance, the board of directors has proposed an interim dividend of N0.3 ($0.00041) per share to be distributed to its shareholders, representing an increase from the N0.2 ($0.00027) per share interim dividend paid in the preceding year.
