Access Bank Announces Big Profit, Proposes Final Dividend for Shareholders
- Pre-tax profit for Access Holdings Plc increased to N867.019 billion from N729.001 billion the year before
- Additionally, the bank holding company announced a rise in gross earnings, which increased from N2.594 trillion to N4.878 trillion
- For its issued ordinary shares, each worth 50 kobo, the group has recommended a final dividend of N2.05 per ordinary share
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
In its 2024 full-year audited accounts, Access Holdings Plc reported a pre-tax profit of N867.019 billion, up from N729 billion the previous year.
Source: UGC
The bank holding company also reported a spike in gross earnings, going from N2.594 trillion to N4.878 trillion, according to a filing on the Nigerian Exchange.
The profit after tax was N642.22 billion, up 3.7% from the N619.32 billion reported the previous year.
A final dividend of N2.05 per ordinary share has been proposed by the group for its 53,317,838,433 issued ordinary shares, each worth 50 kobo. This raises the dividend to N2.50 per share for the fiscal year 2024, the report shows.
Earnings improves
Thanks to a variety of revenue sources, the bank's gross earnings increased by 88% year over year, from N2.594 trillion in 2023 to N4.878 trillion in 2024.
Supported by strong retail banking operations, digital expansion, and a dynamic trading strategy, interest income increased by 110% to N3.480 trillion, while non-interest income increased by 47.8% to N1.397 trillion.
Despite inflationary and macroeconomic challenges, profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) increased to N642.2 billion. Total assets increased by 55.5% to N41.498 trillion, customer deposits increased by 47% to N22.525 trillion, and shareholders' funds increased by 72% to N3.760 trillion.
All performance measures showed notable improvements for Access Bank, with interest income increasing by 110% and fees and commissions increasing by 81%. The banking segment's PBT was 48.5% from international subsidiaries, which showed excellent performance in important markets.
By raising N351 billion through a rights offering in 2024, Access Holdings also became the first organisation to comply with the Central Bank of Nigeria's recapitalisation regulation.
“The proceeds are being strategically deployed to strengthen digital infrastructure, enhance liquidity, and fuel long-term growth,” the bank said in a statement.
Access Holdings stated that the company is still dedicated to creating a more successful, sustainable, and inclusive future that adds value for society and the environment as a whole in addition to shareholders.
Source: UGC
The Group stated that it is committed to providing shareholders with long-term profits while reinvesting in infrastructure, innovation, and international growth.
Its banking division expanded its global reach by starting operations in Hong Kong, getting a regulatory license in Malta, and effectively integrating its businesses in Tanzania and Zambia.
Access Bank secures approval to take over National Bank of Kenya
Legit.ng reported that Access Bank (Kenya) Plc has secured permission to complete the acquisition of the National Bank of Kenya (NBK).
Kamau Thugge, Central Bank of Kenya (CBK) Governor, confirmed that CS John Mbadi has approved the transaction in a gazette notice dated April 11, 2025.
The CBK approval now allows Access Bank to take over 100% of NBK’s shareholding, previously held by Kenya Commercial Bank (KCB) Group.
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Source: Legit.ng
