By Our in-house analysts
Nigeria’s Access Holdings Plc, a leading financial institution, has unveiled its audited half-year 2023 financial results, showcasing remarkable growth across various key metrics.
The company’s year-to-date June 2023 results, compared to half-year 2022, reflect a substantial improvement in its financial performance.
Gross earnings soar to N939.9 million.
In a significant financial achievement, Access Holdings recorded a substantial increase in gross earnings, reaching an impressive N939.9 million in half-year 2023, marking a remarkable growth of 58.9 percent compared with the N591.7 billion reported in the same period of the previous year.
Interest, income, and expenses show substantial growth.
Access Holdings witnessed substantial growth in both interest income and interest expense. Interest income surged by 63.0% from N372.3 billion in the first half of 2022 to N606.8 billion in the first half of 2023.
Simultaneously, interest expense experienced a substantial increase of 118.9 percent, rising from N174.8 billion in the first half of 2022 to N382.6 billion in the first half of 2023.
Impressive Net Interest Income Growth
Net interest income, a critical indicator of a bank’s core profitability, experienced a positive upswing. In the year to June 2023, Access Holdings reported a net interest income of N224.2 billion, reflecting a significant growth of 13.5 percent compared to N197.5 billion in the first half of 2022.
Robust Non-Interest Income Performance
Access Holdings demonstrated a strong performance in non-interest income, which surged by 52.8 percent from N193.7 billion in the first half of 2022 to N296.1 billion in H1-2023.
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Profit Before Tax Records: 71.4 Percent Growth
Access Holdings reported substantial growth in profit before tax, reaching N167.6 billion in the first half of 2023, which represents a remarkable increase of 71.4 percent compared with the N97.8 billion reported in the first half of 2022.
Taxation sees a significant increase.
The company’s taxation expenses experienced a notable increase of 255.3 percent, rising from -N9.1 billion in the first half of 2022 to -N32.2 billion in the second half of 2023.
Impressive Profit After Tax
Access Holdings delivered an impressive profit after tax of N135.4 billion in the half year of 2023, reflecting a growth of 52.6 percent compared with N88.7 billion in the half year of 2022.
Key Financial Indicators and Metrics
Access Holdings Plc also demonstrated robust financial strength and stability in various key areas:
- Cash and Balances with Banks: N2,077.6 billion (5.5 percent increase from FY 2022)
- Total Net Loans and Advances: N7,623.3 billion (37.2 percent increase from FY 2022)
- Investment Securities: N4,542.4 billion (64.5 percent increase from FY 2022)
- Total Deposits: N14,933.2 billion (32.7 percent increase from FY 2022)
- Total Assets: N20,853.3 billion (a 39.0 percent increase from FY 2022)
- Net Assets: N1,731.5 billion (40.6 percent increase from FY 2022)
Other Key Metrics:
- Cost to Income Ratio: 60.7 percent (-4.9 percent change from FY 2022)
- Total Net Loans to Total Deposits: 51.0 percent (1.7 percent change from FY 2022)
- Trailing 12M Return on Average Equity (ROAE): 13.5 percent (-1.8 percent change from FY 2022)
Market Performance:
- Share Price (N): 15.55
- Trailing 12M Earnings Per Share (EPS) (N): 5.6
- Book Value Per Share (BVPS) (N): 48.7
- Trailing 12M Price-to-Earnings (P/E) Ratio (x): 2.8
- Price-to-Book Value (P/BV) Ratio (x): 0.3
Dividend Information:
- Final Dividend (N): 0.30
- Dividend Yield: 1.9 percent
- Qualification Date: October 23
- Closure Date: October 23
- Payment Date: Oct. 19
Access Holdings Plc’s impressive H1-2023 results indicate robust financial performance, highlighting the company’s growth and stability in a dynamic financial landscape.
* The financial information provided is based on the audited H1-2023 results released by Access Holdings Plc and may be subject to change or updates.
