Access Holdings Plc has released its half year 2022 financial result posting gross earnings of N591.803 billion for its 2022 half-year results, representing a growth of 31.42% year-on-year.
In its unaudited half-year financials submitted to the Nigeria Exchange Limited, the Bank also made significant improvements across key performance indicators.
The result is on the back of an inflationary year, where businesses and their consumers have had to deal with rising cost of goods and services.
Analysis of the results indicates that the bank’s profit before tax rose marginally by 0.42% to N97.791 billion from N97.379 billion reported in 2021.
Profit after tax stood at N88.739 billion from N86.819 billion posted in 2021, representing a marginal growth of 2.21%.
Interest income calculated using the effective interest rate rose by 22.51% to N342.530 billion from N279.594 billion recorded in the half year of 2021.
According to the group, during the period under review, the Board of Directors proposed interim Dividend of 20 Kobo per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50k each payable to shareholders on the register of shareholding at the closure date. Withholding Tax will be deducted at the time of payment.
Other key financial highlights
- Net interest income after impairment charges declined by 6.25% to N160.639 billion in 2022 from N171.350 billion in 2021.
- Fee and commission income grew by 10.42% to N81.100 billion in 2022 from N73.446 billion the previous year.
- Fee and commission expense grew by 71.22% to N25.662 billion from N14.988 billion.
- Other operating income dropped by 27.35% to N10.029 billion in half year 2022 from N13.804 recorded in 2021.
- Other income declined by 14.86% to N22.011 billion from N25.853 billion the previous year.
