Access Holding, the parent company of Nigeria’s largest bank by customer base, has released its financial report for the second quarter.
The company announced a pre-tax profit of ₦348.9 billion ($218.1 million) for the first half, driven by increased interest income from loans and investments. Access Bank reported earnings of about ₦646.34 billion ($404.0 million), supported by a significant unrealized foreign currency translation gain of ₦412.8 billion ($258.0 million).
Personnel expenses at the bank rose to ₦415.8 billion ($260.0 million) from ₦65.1 billion ($40.8 million), potentially due to increased hiring following recent expansions, including the acquisition of ABCT Bank in Tanzania. Access Bank’s staff count grew from 7,567 to 8,009, with a notable increase in high-earning employees.
Except for Access Bank South Africa and Kenya, all other foreign subsidiaries reported pre-tax profits. Access Bank South Africa and Kenya collectively posted pre-tax losses of ₦10.6 billion ($6.5 million).
Hydrogen Payment Services, a FinTech subsidiary of Access Holdings, reported a pre-tax profit of ₦238 million ($148,750). Additionally, Access Pension and ARM Pension, recently acquired by the company, both reported profitable revenue.