BREAKING: Access Holdings reports 100.21% growth in PBT to N294.42bn

Access Holdings Plc on Wednesday announced N294.42billion profit before tax in nine months ended September 30, 2023 unaudited result and accounts.

This is an increase of 100.21per cent from N147.06billion reported in nine months of 2022. 

The group’s profit after tax hits N250.44 billion in nine months of 2023, an increase of 83.12per cent from N136.8 billion reported in nine months of 2022.

The increase in profits as declared on the Nigerian Exchange Limited (NGX) is driven by 84 per cent increase in interest income to N1.05trillion in nine months of 2023 from N571.74biillion reported in nine months of 2022 and N208.18billion fees and commission in nine months of 2023, representing an increase of 56 per cent from N133.49billion reported in nine months of 2022. 

In a demonstration of the trust and confidence reposed in the institution by its customers, Access Holdings also witnessed a significant 37 per cent year-to-date growth in customer deposits, concluding the half-year at a commendable N12.75trillion.

This growth was inclusive of all business segments, firmly solidifying the Group’s stature as the largest financial institution in Nigeria by total assets.

Access Holdings’ synergies across its business verticals yielded remarkable results, as the company experienced a 42.7 increase in total assets to N21.41trillion and a 33.2 per cent rise in shareholders’ funds to N1.64trillion as of September 30, 2023.

The Group Chief Executive Officer, Access Holdings, Herbert Wigwe in a statement had said,  “Our growth plans for the African continent remains firm and clear, driven by the strong long term growth prospects and trade opportunities seen across many of the countries,” commented

“Continuing with our 5-year cyclical strategy, our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity` among all stakeholders.”