Access Holdings Plc, Nigeria’s largest bank by total assets, reported a pre-tax profit of N146.1 billion in the second quarter of 2024.
This is according to information contained in the company’s half-year audited filings published on the website of the NGX.
Combined with the first-quarter pre-tax profit of N202.7 billion, Access Holdings’ half-year profit now stands at N348.9 billion, compared to N167.6 billion reported during the same period last year.
Access Holdings’ second-quarter results reveal year-on-year growth across all major income lines. However, when compared to the previous quarter, there was a general dip in performance during the second quarter.
Despite reporting a pre-tax profit of N348.9 billion, the corporation also reported a total comprehensive income of N646.34 billion after including an “unrealized foreign currency translation difference” of N412.8 billion.
We also observed a huge spike in the bank’s personnel expenses, which surged to N158.8 billion from N65.1 billion (+143.9%).
Apart from Access Bank South Africa and Kenya, all other foreign subsidiaries reported pre-tax profits.
Access Bank South Africa and Kenya posted pre-tax losses of N7.6 billion and N3 billion, respectively.