Access Holdings Plc which is also Nigeria\u2019s largest bank in terms of total assets, reported a pre-tax profit of N146.1 billion in the second quarter of 2024.<\/p>\n
This is according to information contained in the company\u2019s half-year audited filings published on the website of the NGX.<\/p>\n
Combined with the first-quarter pre-tax profit of N202.7 billion, Access Holdings\u2019 half-year profit now stands at N348.9 billion, compared to N167.6 billion reported during the same period last year.<\/p>\n
Access Holdings\u2019 second-quarter results reveal year-on-year growth across all major income lines. However, when compared to the previous quarter, there was a general dip in performance during the second quarter.<\/p>\n
Revenue<\/strong><\/em><\/p>\n Despite reporting a pre-tax profit of N348.9 billion, the corporation also reported a total comprehensive income of\u00a0N646.34 billion a<\/strong>fter including an\u00a0\u201cunrealized foreign currency translation difference\u201d of N412.8 billion.<\/strong><\/p>\n A cursory review of its half-year results shows interest income of N1.4 trillion, out of which N691.8 billion was from loans and advances to its customers.<\/p>\n Another N86.6 billion came from loans to other banks, while the balance was from investment securities.<\/p>\n Access Holdings, however, incurred a whopping N419.2 billion and N411.2 billion in interest expenses on deposits from other financial institutions and customers, respectively.<\/p>\n In terms of fees and commissions, the bank earned a substantial N250.9 billion in the first half of the year. A significant portion of the fees came from credit-related fees (N91.7 billion), e-business income (N73.8 billion), and account maintenance charges and handling commissions (N29.58 billion).<\/p>\n It incurred N37 billion in expenses related to its e-banking operations.<\/p>\n We also observed a huge spike in the bank\u2019s personnel expenses, which surged to\u00a0N158.8 billion from N65.1 billion (+143.9%).<\/strong><\/p>\n A closer look suggests there might have been a surge in hiring and promotions. For example, staff headcount rose from 7,567 to 8,009.<\/p>\n Moreover, the number of staff earning N14.9 million and above jumped from 1,193 to 1,782 in just six months. The number of managerial staff also rose from 621 to 968 employees.<\/p>\n Other significant cost drivers for the bank include its IT and e-business expenses, which increased by 265% to N111.2 billion.<\/p>\n The company\u2019s AMCON surcharge also rose to N111.2 billion, up from N68.8 billion the previous year. In total, its operating expenses rose by 128% to N512 billion, driven primarily by IT and e-business expenses and AMCON surcharges.<\/p>\n Subsidiary Revenues<\/strong><\/em><\/p>\n Apart from Access Bank South Africa and Kenya, all other foreign subsidiaries reported pre-tax profits. Access Bank UK and Access Bank Ghana were the top performers, contributing N111.1 billion and N40 billion, respectively, in terms of pre-tax profits.<\/p>\n Access Holdings\u2019 new FinTech, Hydrogen Payment Services, reported a pre-tax profit of N238 million from a revenue of N3.1 billion, compared to N161 million at this time last year.<\/p>\n Access Pension, its newly acquired PFA, also reported revenue of N7.1 billion, while ARM Pension, also newly acquired, reported a revenue of N8 billion. Both entities were profitable.<\/p>\n Access Golf, another subsidiary of the holding company, also reported a revenue of N1.9 billion.<\/p>\n","protected":false},"excerpt":{"rendered":" Access Holdings Plc which is also Nigeria\u2019s largest bank in terms of total assets, reported a pre-tax profit of N146.1 billion in the second quarter of 2024. This is according to information contained in the company\u2019s half-year audited filings published on the website of the NGX. Combined with the first-quarter pre-tax profit of N202.7 billion, […]<\/p>\n","protected":false},"author":27,"featured_media":49353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-49349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/49349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=49349"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/49349\/revisions"}],"predecessor-version":[{"id":49358,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/49349\/revisions\/49358"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/49353"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=49349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=49349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=49349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nAdditionally, the bank\u2019s travel expenses more than doubled, rising from N10.7 billion to N24.5 billion.<\/p>\n
\nAccess Bank South Africa and Kenya posted pre-tax losses of N7.6 billion and N3 billion, respectively.<\/p>\n