Access Holdings Plc, managed by Nigerian banker and investor Aigboje Aig-Imoukhuede, reported an exceptional financial performance in the first half of 2024, with a profit over $170 million. Despite trailing behind Nigerian banks like Guaranty Trust Holding Company Plc (GTCO) and Zenith Bank Plc, the group’s results demonstrate its durability and expansion across the continent.
Access Holdings reported a profit of N281.33 billion ($174.5 million) in the first half of 2024, up from N135.4 billion ($84 million) in 2023. The profit increase was principally driven by increasing interest and non-interest revenue, which was supported by an N406.9 billion ($252.4 million) fair value and foreign currency gain.
Total comprehensive income for the first half of 2024 was N646.3 billion ($401 million), up 16 percent from N556.7 billion ($345.3 million) in the same period the previous year, demonstrating the effectiveness of Access Holdings’ diversified business strategy, which includes banking, asset management, payments, pensions, and insurance.
Access Holdings’ total assets increased from N26.7 trillion ($16.5 billion) on December 31, 2023 to N36.6 trillion ($22.7 billion) on June 30, 2024. This asset development solidifies its position as Nigeria’s largest lender by assets, surpassing competitors like GTCO and Zenith Bank.
Shareholders’ equity rose to N2.84 trillion ($1.76 billion), up from N2.19 trillion ($1.36 billion), while retained earnings went from N715.13 billion ($443.6 million) to N891.8 billion ($553.2 million) during the same time.
The board of directors proposed an interim dividend of N0.45 ($0.00028) per share, which is a 50% increase from the previous year’s payout of N0.30 ($0.000186).
Access Holdings, a pan-African financial services firm, is expanding its operations throughout Africa and beyond. Following the death of banking legend Herbert Wigwe in early 2024, the organization has redoubled its efforts under the leadership of Aig-Imoukhuede, who has returned to guide the lender’s next growth phase.
With operations in 12 African countries and a rising presence in European markets, Access Holdings is well-positioned for future growth. As the firm enters the second half of 2024, its focus on diversifying its revenue streams and refining its balance sheet is expected to deliver additional financial advantages, cementing its position as a powerful player in Nigeria’s banking market.
