Access Holdings post N591.803bn gross earnings in H1 2022

Access Holdings posted gross earnings of N591.803 billion for its 2022 half-year results, representing a growth of 31.42 per cent year-on-year.

This is contained in the bank’s unaudited half-year financials submitted to the Nigeria Exchange Limited seen by National Daily.

Analysis of the results indicates that the bank’s profit before tax rose marginally by 0.42 per cent to N97.791 billion from N97.379 billion reported in 2021.

For the half year 2022, Access Holding’s profit after tax stood at N88.739 billion, from N86.819 billion posted in 2021, representing a marginal gain of 2.21 per cent.

Interest income calculated using the effective interest rate rose by 22.51 per cent to N342.530 billion, from N279.594 billion recorded in the half year of 2021.

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Though the bank’s foreign exchange gain dropped by 22.25 per cent to N52.836 billion from N68.195 billion in 2021, the exceptional item was one of the major drivers of banks profit.

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.

Net interest income after impairment charges declined by 6.25 per cent to N160.639 billion in 2022 from N171.350 billion in 2021, fee and commission income grew by 10.42 per cent to N81.100 billion in 2022 from N73.446 billion the previous year.

Fee and commission expense grew by 71.22 per cent to N25.662 billion from N14.988 billion. Other operating income dropped 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.