…to pay 45k per share as interim dividend
Access Bank Group has announced a profit after tax of N646.34 billion at half year 2024, boosted by incomes from interest on loans and advances as well as foreign exchange devaluation gains. This compares to N496.42 billion the financial group realised as profit after tax as of half year 2023. The half year 2024 profit comprises N281.33 billion profit from continuous operations and N401.12 billion from exchange rate revaluation gains.
Gross earnings rose to N2.19 trillion in half year, recording a 134 percent increase over the N940.31 billion the banking conglomerate generated in the corresponding period of 2023. In FY 2023, Access Bank Group generated N2.59 trillion as gross revenue. This compares to N1.39 trillion in FY 2022, N971.89 billion in FY 2021, and N764.72 billion in FY 2020.
The financial conglomerate is owned by local and international investors. In terms of ownership distribution, domestic investors control 30.597 billion ordinary shares with foreign investors controlling 4.95 billion shares. Retail domestic investors account for 31.15 percent of Access Group’s shares. Domestic institutional investors control 54.74 percent just as their foreign counterparts control 13.70 percent, based on the data revealed in its half-year 2024 audited financial statements.
Two major investors own more than 5 percent of the group’s shares outstanding. With 3.72 billion shares, Stanbic Nominees Nigeria Limited controls 10.46 percent of the ownership structure of the company. This is followed by Coronation Trustees Tengen Mauritius which controls 7.11 percent.
Access Group identified with the less privileged in the first six months of 2024. The financial group donated N1.479 billion in the forms of various supports to Nigerian organisations. The highest among donated was N450 million to the organisers of the 2024 Fifth Chukker Polo Tournaments in Kaduna and the United Kingdom. The least donation was N1 million to the organisers of Tech unite Africa Expo 2024 and Career Day event of the Nigerian Economics Students.
Unresolved complaints brought forward to 2024 amounted to 33,382. It received 1.704 million complaints during the first half of this year, and succeeded in resolving 1.72 million complaints between January and June 2024. The monetary value of the complaints resolved stood at N156.85 billion.
Access Group granted N11.08 trillion worth of loans and advances to customers during the first six months of the year, as against N8.19 trillion in the entire 2023. General commerce received the highest loans and advances of N1.72 trillion at half year 2024, compared with N1.23 trillion in FY 2023.
Other sectors with sizable loans and advances during the period include construction N804.34 billion; government, N849.22 billion; information and communication, N852.27 billion; oil and gas upstream businesses, N864.43 billion; Noil and gas services, N553.32 billion, power and energy, N668.33 billion as well as professional, scientific and technical activities, N554.93 billion.
The corporate and investment banking segment remains the most profitable during the reference period. The business unit generated N132.38 billion profit at half year 2023. Commercial banking segment generated N104.8 billion; retail banking(south) generated N30.93 billion while retail banking(north) generated N30.79 billion.
Payment segment earned N238 million, PFA, N7.78 billion; insurance, N527 million, and the holding segment realised N87.27 billion.
The bulk of the profit was realised in Nigeria, N273.03 billion, with N111.19 billion generated from Europe, and N90.52 billion from the rest of Africa.
The banking conglomerate paid N158.85 billion as remuneration to its workers from January to June 2024, consisting of wages and salaries, defined benefit obligation, contributions to defined contribution plans, as well as restricted share performance plan.
Access Group had 8,000 employees as of June 2024 as against 7,576 as of June 2023. Of these employees, 1,336 had their salary range within N4.74m to N5.74 million per annum. Another 1,622 received between N9.19 million and N11.36 million per annum. In terms of frequency, another 1,351 employees received between N11.36 million and N14.95 million.
From the profit generated in Nigeria, Access Bank Nigeria generated N165.17 billion, with the balance of the Nigerian profit generated by other Nigerian subsidiaries. Access Bank UK generated N82.38 billion; Access Bank Ghana, N29.44 billion. The Access Bank in Rwanda generated N3.87 billion profit during the period. Others are Access Bank DR Congo, N4.78 billion; Access Bank Zambia, N17.93 billion; Access Bank Sierra Leone, N3.29 billion among others.
The banking group has declared an interim dividend of 45 kobo for shareholders whose names appear in the register of the company as at the close of business on Thursday October 3, 2024.
