Access Holdings Plc has announced its 2023 Half-Year Results, revealing that pre-tax profits increased by 71.39% year on year to N167.601 billion.
The Times reported that the substantial gains in net fair value and foreign exchange, primarily attributable to significant fair value gains on equity investments and gains from foreign exchange and fixed-income securities trading during the first half of 2023, are responsible for Access Holdings’ significant increase in pre-tax profit in H1 2023.
Additionally, a 63% increase in interest income was noted. Increased interest income from customer loans and advances as well as investments in securities were the main drivers of this expansion.
On the other hand, the bank saw a considerable increase in interest costs, primarily as a result of higher interest costs for customer deposits, which increased by 33.31% year over year to reach N318.526 billion. The bank’s net interest income growth thus slowed to 13.54% YoY.
Key highlights H1 2023 vs. H1 2022:
Gross earnings; N940.311 billion +58.89% YoY
Interest Income N606.837 billion +63.00% YoY
Interest Expense; N382.598 billion +118.88% YoY
Net interest income; N224.239 billion +13.54% YoY
Net impairment charge on financial assets, N37.175 billion +0.85% YoY
Net interest income after impairment charges; N187.064 billion +16.45% YoY
Net fee and commission income N88.026 billion, +58.78% YoY.
Fair value and foreign exchange gain/(loss), N192.047 billion +49.74% YoY
Profit for the period N135.441 billion +52.37% YoY.
Loans and advances to customers N6.71 trillion +31.54%.
Cash and Balances N2.078 trillion +5.47%
Total Assets N20.853 trillion +39.04%.
Customers’ deposits N12.508 trillion +35.20%.
