Access Holdings Plc has announced an interim dividend of 30 kobo, even as the bank posted profit after tax of  N135.44 billion in its half year (H1)operations, against N88.74 billion achieved in the corresponding period in 2023.

Specifically, the banks audited financial statement for the half year showed that profit after tax  rose by 52.63 per cent from N88.74 billion to N135.44 billion while gross earnings stood at  ₦940.3 billion, representing a growth of 58.9 per cent when compared to N591.8 billion posted during the same period in 2022.

The bank attributed the improved performance to  surge was driven a combination of 63.0 per cent growth in interest income and 51.9 per cent increase in non-interest income.

The Group also profit before tax (PBT) and profit after tax (PAT) figure of N167.6 billion and N135.4 billion, translating to 71.4 per cent  and 52.6 per cent growth respectively.

The banks’s customer deposits rose by 35 per cent year-to-date to ₦12.5 trillion, solidifying the Group’s stature as the largest financial institution in Nigeria by total assets.

According to the bank, its synergies across its business verticals yielded remarkable results, as the company experienced a 39.0 per cent y/y increase in total assets and a 40.6 per cent year-on-year rise in shareholders’ funds.

Further, its total assets and shareholders’ funds stood at ₦20.9 trillion and ₦1.7 trillion, respectively, underscoring the efficacy of the group’s strategic approach and its ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services, operational in twenty countries across four continents.

Group Chief Executive Officer of the bank, Herbert Wigwe 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.

“Continuing with our five-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,” Wigwe added.

Additionally, it stated that the Group’s Pensions business surpassed the ₦1.0 trillion in Assets Under Management (AUM) milestone, thereby ranking as the 4th largest PFA by AUM and the 2nd largest by the number of registered retirement savings accounts (RSAs).

Similarly, its payments vertical, Hydrogen, processed over ₦3.0 trillion in transactions, achieving a 407 per cent month-on-month growth in point of sale (POS) transactions and 99 per cent system uptime on account switching within the period.

Despite operating in a high inflationary environment, the bank improved its cost-to-income ratio (CIR) by 4.9 per cent y/y, accomplished through prudent adjustments in personnel costs, effective management of regulatory fees, and continued investments in technology to enhance cost efficiency and improve the overall user experience.

In terms of regulatory ratios, the Group displayed a robust liquidity position and capital adequacy, surpassing regulatory thresholds with a liquidity ratio (LR) of 50 per cent and a capital adequacy ratio (CAR) of 19.1 per cent.