Business
Access Holdings Grows Revenue to ₦2.2trn in H1 2024
Access Holdings Plc, a leading global financial institution, announced its half-year audited financial results for the period ended 30 June 2024, National Association of Online Security News Publishers, NAOSNP can report.
The results underscore the company’s continued resilience, focus on delivering sustainable performance and commitment to creating long-term value for shareholders.
Performance Highlights
Access Holdings Plc demonstrated strong performance across all key balance sheet indicators and continues to maintain a well-structured, healthy, and diversified financial position.
This is evident in the resilient half year results from the banking franchise operating in twenty-two markets across four continents and the non-banking subsidiaries including Access Pensions, Hydrogen Payments, and Access Insurance Brokers.
In half year 2024, total assets and shareholders’ equity stood at ₦36.5 trillion and ₦2.8 trillion, respectively. This represents a year to date of growth of 37.1% and 29.8%, respectively.
Customer deposits increased by 31.3%, from ₦15.3 trillion in December 2023 to ₦20.1 trillion by half year 2024. Gross loans and advances also saw an increase of 37.6%, growing from ₦8.9 trillion in December 2023 to ₦12.3 trillion by half year 2024, from organic loan growth and the impact of foreign currency-denominated loans.
Access Holdings reported triple-digit growth across all profitability metrics, with gross revenue rising by 133.5% year-on-year, from ₦940 billion in half year 2023 to ₦2.2 trillion in half year 2024.
This increase was supported by higher interest and non-interest earnings in the period. Interest income surpassed the ₦1 trillion mark, from the expansion of risk assets and effective pricing, leading to a 142% growth from ₦606.8 billion in half year 2023 to ₦1.47 trillion by half year 2024.
Non-interest income also grew by 117%, rising from ₦333.4 billion in half year 2023 to ₦723.6 billion in half year 2024.
Profit before tax increased by 108.2% year-on-year, from ₦167.6 billion in half year 2023 to ₦348.97 billion in half year 2024, while profit after tax rose by 107.7%, from ₦135.4 billion to ₦281.3 billion over the same period. This resulted in a 103% growth in earnings per share (EPS), which increased from ₦3.74 in half year 2023 to ₦7.58 in half year 2024.
Cost-to-income ratio (CIR) remained relatively flat at 60.4% in half year 2024 despite double digit growth in inflation and devaluation in the same period. Cost to income was moderated as revenue outpaced operating expenses.
The increase in operating expenses was primarily from ongoing IT upgrade and integration, double-digit growth in AMCON levy and NDIC premium which increased by 63.1% and 37%, respectively, and will normalise in the second half of the year, inflation-related cost-of-living adjustments, higher energy expenses, and the currency conversion impact of subsidiaries’ operating costs.
To maximise value for our shareholders, Access Holdings Plc has declared an interim dividend of 45 kobo per share (half year 2023, 30 Kobo), representing a 50% increase in dividend payout.
Banking Group Performance
Despite the challenging operating environment and tight monetary policy stance, Access Banking Group recorded strong year-on-year growth across all performance metrics, with Interest and non-interest income contributed significantly to gross earnings.
Net interest income grew by 131% from N232.2 billion in half year 2023 to N536.7 billion in half year 2024. Fees and commissions increased by 94% year on year from N119.8 billion to N232.5 billion from higher transaction volumes on our digital channels, credit related fees and card payments.
The Banking Group subsidiaries contributed 55% to the Group’s Profit Before Tax (PBT), demonstrating the significant impact of their operations and growing importance in driving overall profitability. Year-on-year, their PBT performance grew by 218% from N63.3 billion to N201.7 billion.
As part of our ongoing strategic expansion beyond Nigeria, we have successfully completed the full integration of the merged entities in Zambia and Tanzania operations.
These developments not only enhance our presence in key markets but also create significant value by expanding our customer base, strengthening cross-border banking capabilities, and fostering increased operational efficiency across our subsidiaries.
Regulatory Ratios
Through our proactive risk management approach, the non-performing loan (NPL) ratio closed at 2.72% in half year 2024, below the regulatory threshold of 5%. Capital Adequacy Ratio (CAR) remained strong at 19.8%.
Our loan-to-funding and liquidity ratios also improved to 63.9% and 57.2%, respectively. All prudential ratios exceeded regulatory requirements, underscoring our ability to maintain a robust and liquid balance sheet.
Non-Banking Subsidiaries
The operating performance of our non-banking subsidiaries demonstrates a consistent growth trajectory. Access Pensions has achieved a remarkable 162.1% increase in Assets Under Management (AUM), rising from ₦1.1 trillion in December 2023 to ₦2.9 trillion in the first half of 2024.
This growth is driven by organic expansion in RSA accounts, new mandates, and synergies from the merger with ARM Pensions. As a result, Access Pensions has positioned itself as one of the top two largest pension fund administrators (PFAs) in Nigeria, with over 2.8 million RSA accounts.
Furthermore, the operating income for the pension business saw a substantial increase of 190%, climbing from ₦5.6 billion in H1 2023 to ₦16.2 billion in H1 2024.
Hydrogen Payments achieved a remarkable 1,871% growth in top-line revenue compared to H1 2023, reflecting its exceptional performance and contribution to the profitability of the holding company.
The total payment volume (TPV) processed surged by 306%, reaching N13.8 trillion in H1 2024, up from N3.4 trillion in H1 2023. Notably, 90% of these transactions were processed through the Hydrogen switching platform, underscoring its reliability and dependability, particularly for small businesses across Nigeria.
The platform’s ability to handle large transaction volumes with minimal downtime has significantly improved operational efficiency, contributing to a stronger profit outlook for the group.
Access Insurance Brokers posted significant growth with an 83% increase in gross premiums written and a 60% rise in commission income in the first year of operations. Specifically, gross written premiums surged from N2.3 billion to N5.9 billion by half year 2024.
Regulatory Ratios
Through our proactive risk management approach, the non-performing loan (NPL) ratio closed at 2.72% in half year 2024, below the regulatory threshold of 5%. Capital Adequacy Ratio (CAR) remained strong at 19.8%.
Our loan-to-funding and liquidity ratios also improved to 63.9% and 57.2%, respectively. All prudential ratios exceeded regulatory requirements, underscoring our ability to maintain a robust and liquid balance sheet.
Non-Banking Subsidiaries
The operating performance of our non-banking subsidiaries demonstrates a consistent growth trajectory. Access Pensions has achieved a remarkable 162.1% increase in Assets Under Management (AUM), rising from ₦1.1 trillion in December 2023 to ₦2.9 trillion in the first half of 2024.
This growth is driven by organic expansion in RSA accounts, new mandates, and synergies from the merger with ARM Pensions.
As a result, Access Pensions has positioned itself as one of the top two largest pension fund administrators (PFAs) in Nigeria, with over 2.8 million RSA accounts. Furthermore, the operating income for the pension business saw a substantial increase of 190%, climbing from ₦5.6 billion in H1 2023 to ₦16.2 billion in H1 2024.
Hydrogen Payments achieved a remarkable 1,871% growth in top-line revenue compared to H1 2023, reflecting its exceptional performance and contribution to the profitability of the holding company. The total payment volume (TPV) processed surged by 306%, reaching N13.8 trillion in H1 2024, up from N3.4 trillion in H1 2023.
Notably, 90% of these transactions were processed through the Hydrogen switching platform, underscoring its reliability and dependability, particularly for small businesses across Nigeria.
The platform’s ability to handle large transaction volumes with minimal downtime has significantly improved operational efficiency, contributing to a stronger profit outlook for the group.
Access Insurance Brokers posted significant growth with an 83% increase in gross premiums written and a 60% rise in commission income in the first year of operations. Specifically, gross written premiums surged from N2.3 billion to N5.9 billion by half year 2024.
Our agile execution strategy and customer-centric approach position us as a market leader in Nigeria, while simultaneously enabling us to consolidate market share in existing locations beyond Nigeria and explore opportunities in new geographies under consideration for expansion.
Outlook for the Rest of the Year
Access Holdings remains confident in its ability to surpass the growth momentum achieved in the first half of the year as we look ahead to the second half.
Our strategic priorities will remain focused on scaling non-banking segments, expanding our digital footprint, and solidifying our presence in high-growth African and international markets.
These are geared towards accelerating revenue diversification and ensuring long-term sustainable value creation for our shareholders.
Furthermore, we are fast-tracking the completion of our technology infrastructure integration and upgrades, which will significantly enhance operational efficiency across the group.
This technology transformation will strengthen our digital capabilities, allowing us to deliver superior services to our customers, drive operational synergies, and optimise cost.
Our strategic focus on non-banking segments, digital expansion, and geographic diversification will continue to create lasting value for shareholders, positioning the group to capitalise on emerging opportunities and sustain growth in the long term.
We recently concluded our rights issue of N351 billion, and we are awaiting the Central Bank of Nigeria (CBN) capital verification and the Securities and Exchange Commission (SEC) approval for the allotment of rights. We will keep our investors and shareholders informed as we proceed with the exercise.
West Africa’s premier financial institution and financial inclusion services provider, FirstBank, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
Ecobank Nigeria, a member of Africa’s leading pan-African banking group, has assured customers of uninterrupted access to banking services throughout the year-end holiday period via its secure and robust digital platforms. The Bank also urged customers to remain vigilant against fraud and scams during the festive season.
Speaking on the development, Victor Yalokwu, Head, Products & Analytics, Consumer & Commercial Banking, Ecobank Nigeria, said the Bank’s digital channels — including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, RapidTransfer, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point (Agent Banking) locations nationwide — will remain fully available to support customers throughout the yuletide and year-end holiday period.
He noted that customers will continue to enjoy a wide range of services during the period, including local and international funds transfers, bill payments and airtime top-ups, merchant payments, balance inquiries and account statements, as well as cardless cash withdrawals via ATMs.
According to Yalokwu, “Ecobank encourages customers to leverage these digital solutions for safe, fast, and efficient banking, especially during the festive season when convenience and reliability are essential. While physical branch operations may be subject to adjusted working hours in line with public holidays, customers can be assured that Ecobank’s digital platforms are designed to deliver uninterrupted service and enhanced security at all times. Ecobank remains committed to providing innovative financial solutions and exceptional customer service, and we wish all our customers a joyful festive season and a prosperous New Year.”
Yalokwu also cautioned customers to remain vigilant against fraudsters and scammers during the period. “Before you wrap up the year, tighten your security. December brings online sales, travel, and year-end distractions—this is exactly when scammers are most active. From fake festive deals to cloned merchant sites and suspicious messages, staying vigilant helps keep your money safe.”
He advised customers to shop only on trusted websites, never share their PINs, passwords, or one-time passwords (OTPs), avoid banking on public Wi-Fi networks, be cautious of urgent or emotionally charged messages, and regularly review their account activity.
Fidelity Bank Plc has donated firefighting and preventive equipment, including hoses and gasoline-powered water pumps, to the Ikoyi Fire Service Station in Lagos, reinforcing efforts to improve emergency response and promote community safety.
The donation was executed under the Fidelity Helping Hands Programme (FHHP) by the bank’s True Serve team. Through the initiative, Fidelity Bank employees identify critical community needs, raise funds, and receive matching financial support from the bank to implement impact-driven projects.
Speaking on the initiative, Divisional Head, Brand and Communications Division at Fidelity Bank, Dr Meksley Nwagboh, said the intervention reflects the bank’s commitment to public safety, environmental protection, and sustainable community development.
“Community safety is a shared responsibility. Fidelity Bank remains committed to supporting initiatives that protect lives, property, and the environment,” Nwagboh said, adding that preventive measures remain more effective than emergency responses.
He noted that providing the right tools to first responders aligns with the bank’s broader goal of enabling people to live safe, meaningful, and empowered lives.
Lagos State Controller of the Federal Fire Service, Controller of Fire (CF) Funke Adebayo, commended Fidelity Bank for the timely support, particularly as the festive season approaches amid dry weather conditions that heighten fire risks.
She urged residents to remain vigilant and warned parents against allowing children to handle fireworks during celebrations, stressing that careless handling of fire could lead to avoidable disasters.
Adebayo also disclosed that the Fire Service has intensified sensitisation visits to corporate organisations to promote fire safety and discourage unsafe practices.
Also speaking, Area Commander, Onikan Fire Station, Chief Superintendent of Fire (CSF) Oswere Michael, expressed appreciation for the donation, noting that it would strengthen the station’s operational capacity.
He encouraged households, businesses, and community members to prioritise fire safety, describing collective responsibility as critical to preventing fire outbreaks.
Fidelity Bank Plc is a full-fledged commercial deposit money bank serving over 9.1 million customers through its digital platforms, 255 business offices across Nigeria, and its UK subsidiary, FidBank UK Limited. The bank has received multiple local and international awards in recognition of its performance in digital transformation, MSME banking, and innovative financial services.
Photo – L-R: Lagos State Controller, Federal Fire Service, CF (Controller of Fire), Adebayo Funke; Tolulope Rojaiye, Marketing Business Partner, Fidelity Bank Plc; Assistant Superintendent of Fire, Ishola Folorunsho Olufemi; and Station Commander, Onikan Fire Station, Lagos, Okeke Ferdinand; during the donation of firefighting equipment to the Federal Fire Service at Ikoyi, Lagos, recently.
