- Access Holdings Plc 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 corresponding period of 2022.
The figures were disclosed in the financial company's financial statement submitted to the Nigerian Exchange.
Breakdown of Access financial result
Also, Access Holdings reported that its half-year pre-tax profit soared by 71.39% year-on-year, reaching an impressive N167.601 billion.
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This is higher than the N97.791 billion reported in the same period in 2022, Punch reports.
Also, the financial company reported that the bank’s interest income witnessed a remarkable upswing, growing by 63.00% year-on-year to N606.837 billion.
interest income is revenues generated from loans and advances extended to customers and investments in securities.
One of the standout performers in Access Holdings’ H1 2023 results was its fair value and foreign exchange gains, which surged by 49.74% year-on-year to N192.047 billion.
These gains were primarily attributed to significant fair value gains on equity investments and profits from foreign exchange and fixed-income securities trading during the first half of 2023.
Snapshot of the Access key numbers first half 2023
- Profit for the period N135.441 billion
- Loans and advances to customers N6.71 trillion
- Cash and Balances N2.078 trillion
- Total Assets N20.853 trillion
- Customers’ deposits N12.508 trillion
Access Bank, GTCo, Zenith, and UBA pay shareholders highest dividends
Meanwhile, in another report, Legit.ng reported that Nigeria's Stock market investors had bumper harvests from their investments.
United Bank for Africa (UBA), Guarantee Trust Holdings, Zenith Bank, and Access Bank Holdings paid N236.43 billion dividend payout in 2022.
While Zenith Bank and GTCo recorded the most attractive dividend-paying stocks in the banking industry.