- Access Holdings reported N867.019 billion as profit before tax in 2024
- It posted a profit after tax of N642.22 billion in 2024, a 3.7 per cent increase from the N619.32 billion reported in 2023
- The company proposed a final dividend of N2.05 per ordinary share on its 53,317,838,433 issued ordinary shares of 50 kobo each
Access Holdings Plc reported N867.019 billion as profit before tax in the 2024 financial year, up from the N729.001 billion recorded in 2023.
This was contained in the company’s 2024 full-year audited financial results filed with the Nigerian Stock Exchange (NSE) on Tuesday, April 15.
The report showed that it posted a profit after tax of N642.22 billion, a 3.7 per cent increase from the N619.32 billion reported in 2023.
The bank holding company’s gross earnings also increased by 88 per cent from N2.594 trillion reported in 2023 to N4.878 trillion in 2024.
The HoldCo proposed a final dividend of N2.05 per ordinary share on its 53,317,838,433 issued ordinary shares of 50 kobo each, bringing the total dividend for the 2024 financial year to N2.50 per share.
Analysis of Access Holdings’ financial results in 2024
An analysis of Access Holdings’ financial results showed that interest income increased by 110.38 per cent year-on-year to N3.480 trillion in 2024.
Interest income accounted for 71 per cent of the group’s gross earnings for the year, a 12 per cent increase from 2023.
The sources of the company’s interest income include loans to customers and other banks (about 51 per cent), investments in securities like government and corporate bonds (47 per cent), and interest from cash balances (below two per cent).
Also, the company’s interest expense jumped by 130.71 per cent to N2.212 trillion in 2024, net interest income stood at N1.268 trillion, a 82.36 per cent increase year-on-year, and loan and advances to customers increased by 42.92 per cent to N11.488 trillion.
Access Holdings' total assets rose by 55.93 per cent year-on-year to N41.498 trillion in 2024, customers’ deposits stood at N22.525 trillion, a 47 per cent year-on-year increase, and share capital and premium was N594.903 billion, representing a 136.25 per cent increase year-on-year.
The company’s retained earnings in 2024 was N1.144 trillion, a 60.04 per cent increase year-on-year, and shareholders’ fund rose by 72.04 per cent to reach N3.760 trillion in 2024.
Access Holdings unveils first fully-owned subsidiary in Malta
Meanwhile, TheRadar earlier reported that Access Holdings Plc’s banking subsidiary, Access Bank UK Limited, established its first fully-owned subsidiary in Malta.
This was disclosed in a publication on the Nigerian Exchange on December 10, signed by the company’s secretary, Sunday Ekwochi.
