Access Holdings Plc says it recorded N88.74 billion profit after tax in the second quarter of 2022.

This is contained in the company’s Q2 2022 Audited results for the period ended June 30th 2022 published on the NGX website.

OduNews analysis of the report showed that the company’s gross earnings grew by 31.4% from N450.3 billion to N591.8 billion. Also, the profit before tax stood at N97.791 billion while the share price is pegged at N8.95k.

The firm recorded a 31% y/y growth in gross earnings to ₦591.7bn (H1 2021: ₦450.6bn), leading to a Profit After Tax of ₦88.7bn for the period.

“The Banking group’s strong performance in the period was evident in the 68% y/y rise in Non-Interest Income of ₦219.4bn (H1 2021: ₦127.9bn) as the group continues to ensure delivery of maximum value to our stakeholders”, the firm said in a statement.

It further noted that the bank’s total deposits rose to ₦9.915 Trn, a 15% y/y increase (H1 2021: ₦8.65 Trn).

Highlights of the report

• Gross Earnings grew by 31.4% from N450.3bn to N591.8bn.
• Profit before tax stood at N97.79bn
• Profit after tax stood at N88.74bn
• Share Price Currently Stands at N8.95k
• Gross Earnings rose by 31% y/y to ₦591.7bn in H1 2022, (H1 2021: ₦450.6bn), with interest and non-interest income contributing 63% and 37% respectively.
• Interest Income also grew by 16% y/y to ₦372.3bn from ₦319.7bn in H1 2021, as income from loans and advances rose 35% y/y to ₦246.2bn (H1 2021: ₦182.4bn).

• Non-Interest Income for the period rose by 71% y/y to ₦219.4bn (H1 2021: ₦127.9bn) as trading gains on fixed income securities rose significantly by 91% y/y to ₦112.4bn (H1 2021: ₦59.0bn)
• The assets base of the Group recorded a notable growth during the period, seeing Total Assets rise to ₦13.2trn as of June 2022, a growth of 13% YTD from ₦11.7trn.