Access Holdings half-year profit rises by 52% as revenue hits N940 billion

Access Bank Plc., a tier-one Nigerian lender, reported a 53% jump in after-tax profit in the half-year period of N135.4 billion up from N88.73 billion in the June 2022 period.

The bank which is one of the largest Nigerian banks by assets, reported profit Access Bank saw both its net interest and fee income rise in the period.

The results did not include an unrealised foreign exchange translation difference of N339.99 billion, which was filed under items that may be subsequently reclassified to the income statement.

When the unrealised FX impact is included, Access Bank’s total comprehensive income for the period surged by 1,041 per cent to N556.78 billion.

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Also, it reported a 63% growth in interest income. This growth was primarily driven by increased interest income generated from loans and advances extended to customers and investments in securities.

On the flip side, the bank experienced a significant growth in interest expenses, primarily driven by higher interest expenses related to customer deposits, which grew by 33.31% year-on-year, reaching N318.526 billion. As a result, the bank’s net interest income growth moderated to 13.54% YoY.