Access Holdings, led by Nigerian banker Aigboje Aig-Imoukhuede, posts $174.5 million in profit in H1 2024

Omokolade Ajayi -
Key Points
  • Access Holdings’ profit for H1 2024 surged to $174.5 million, a 107% jump from $84 million in 2023, driven by fair value and forex gains.
  • Total assets rose to $22.7 billion as of June 30, 2024, making Access Holdings Nigeria’s largest bank by assets, surpassing GTCO and Zenith Bank.
  • Access Holdings declared a 50% higher interim dividend of $0.00028 per share, reflecting strong financial performance and shareholder returns.

Access Holdings Plc, led by Nigerian banker and investor Aigboje Aig-Imoukhuede, posted an impressive financial performance in the first half of 2024, with profit surpassing $170 million. Though it trails behind Nigerian banks such as Guaranty Trust Holding Company Plc (GTCO) and Zenith Bank Plc, the group’s results highlight its resilience and growth across the continent.

According to its recently published financial statement, Access Holdings’ profit for the first half of 2024 jumped to N281.33 billion ($174.5 million), up from N135.4 billion ($84 million) recorded during the same period in 2023. The profit surge was driven primarily by higher interest and non-interest income, underpinned by an N406.9 billion ($252.4 million) fair value and foreign exchange gain.

Total comprehensive income for the first half of 2024 reached N646.3 billion ($401 million), a 16-percent increase from the N556.7 billion ($345.3 million) reported in the corresponding period of the previous year, reflecting the effectiveness of Access Holdings’ diversified business strategy, which spans banking, asset management, payments, pensions, and insurance.

Access Holdings' assets surge to $22.7 billion

Access Holdings’ total assets soared from N26.7 trillion ($16.5 billion) as of Dec. 31, 2023, to N36.6 trillion ($22.7 billion) as of June 30, 2024. This asset growth cements its position as Nigeria’s largest lender by assets, outpacing rivals such as GTCO and Zenith Bank.

Shareholders’ equity also climbed to N2.84 trillion ($1.76 billion), up from N2.19 trillion ($1.36 billion), while retained earnings increased from N715.13 billion ($443.6 million) to N891.8 billion ($553.2 million) during the same period.

The board of directors, buoyed by these robust figures, proposed an interim dividend of N0.45 ($0.00028) per share, marking a 50-percent increase from the N0.30 ($0.000186) per share dividend declared at the same time last year.

Access Holdings grows under new leadership

Access Holdings, a pan-African financial services group, continues to expand its presence across Africa and beyond. Following the passing of banking icon Herbert Wigwe in early 2024, the group has redoubled its efforts under the leadership of Aig-Imoukhuede, who returned to steer the lender’s next growth phase.

With operations in 12 African nations and a growing footprint in European markets, Access Holdings remains well-positioned for continued expansion. As the group enters the second half of 2024, its focus on broadening its income streams and optimizing its balance sheet will likely drive further financial gains, consolidating its status as a formidable player in Nigeria's banking industry.