September 25, (THEWILL) – Access Holdings Plc has announced the release of its audited financial statements for the first half of 2023
The group’s gross earnings hit N940.311 billion during the period.
This represents a 58% increase when compared to N591.80 billion earnings reported in the corresponding period of 2022
Profit for the period was N135.441 billion while Loans and advances to customers grew to N6.71 trillion.
Cash and Balances stood at N2.07 trillion while Total Assets was N20.853 trillion as Customers’ deposits rose to N12.508 trillion.
Access Holdings’ significant growth in pre-tax profit can be attributed to the substantial gains in net fair value and foreign exchange revaluation as well as gains in fixed-income securities trading during the first half of 2023
It also reported a 63% growth in interest income. This growth was primarily driven by increased interest income generated from loans and advances extended to customers and investments in securities.
On the flip side, the bank experienced a significant growth in interest expenses, primarily driven by higher interest expenses related to customer deposits, which grew by 33.31% year-on-year, reaching N318.526 billion.
As a result, the bank’s net interest income growth moderated to 13.54% year-on-year.
Access Holdings is the parent company of Access Bank with subsidiaries in Nigeria and several countries.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
