ACCESS : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

Access Holdings Plc consolidated and separate interim financial statements for the period ended 30 September 2023

ACCESS HOLDINGS PLC

Index to the consolidated and separate interim financial statements for the period ended 30 September 2023

Note

Page

i Corporate information

1. Consolidated and separate statement of comprehensive income iii Consolidated and separate statement of financial position
   iv Consolidated and separate statement of changes in equity

1. Consolidated and separate statement of cashflows vi Notes to the financial statements
   vii Business Combination
   viii Five-period financial summary

3

4

6

7

9

10

112

115

Access Holdings Plc consolidated and separate interim financial statements for the period ended 30 September 2023

Corporate information

This is the list of Directors who served in the entity during the year and up to the date of this report

Directors
Mr. Bababode Olukayode Osunkoya, FCA	Chairman/Independent Non-Executive Director
Dr. Herbert Onyewumbu Wigwe, FCA	Group Managing Director/Chief Executive Officer
Mr. Abubakar Aribidesi Jimoh, CFA	Independent Non-Executive Director
Mrs. Fatimah Bintah Bello-Ismail	Independent Non-Executive Director
Mrs. Ojinika Nkechinyelu Olaghere, FCA	Non-Executive Director
Mr. Olusegun Babalola Ogbonnewo	Non-Executive Director
Mr. Roosevelt Michael Ogbonna, FCA,CFA	Non-Executive Director
Mr. Oluseyi Kolawole Kumapayi, FCA	Non-Executive Director
Ms. Bolaji Olaitan Agbede	Executive Director
Mr. Lanre Babatunde Bamisebi	Executive Director
Company Secretary
Mr Sunday Ekwochi
Corporate Head Office
Access Holdings Plc
Plot 14/15, Prince Alaba Oniru Street, Oniru Estate, Victoria Island, Lagos
Victoria Island, Lagos.
Telephone: [phone] - 9
[phone]
Company Registration Number: RC1755118
Independent Auditors
KPMG
KPMG Tower, Bishop Aboyade Cole Street, Victoria Island, Lagos.
Victoria Island, Lagos
Telephone: [phone]
Website: kpmg.com/ng/en/home.html
Corporate Governance Consultant
Ernst & Young
10th Floor UBA House
57, Marina, Lagos
Telephone: [phone]
FRC Number: FRC/2012/ICAN00000000187
Registrars
Coronation Registrars Limited
9, Amodu Ojikutu Street, Off Saka Tinubu
Victoria Island, Lagos
Telephone: [phone]

Investor Relations

Access Holdings Plc has a dedicated investors' portal on its corporate website which can be accessed via this link https://www.theaccesscorporation.com/investor-relations.aspx

For further information please contact:

Access Holdings Plc. [phone]

3

Access Holdings Plc Interim Consolidated and Separate Financial Statements for the period ended 30 September 2023

Consolidated and separate statement of comprehensive income

In millions of Naira		Group	Group		Company		Company
	Notes	September 2023	September 2022		September 2023		September 2022
Interest income calculated using effective interest rate	8	953,374	497,230	-	-
Interest income on financial assets at FVTPL	8	95,089	74,508	-	-
Interest expense	8	(658,508)	(291,450)		(13,142)		-
Net interest income/(expenses)		389,955	280,288	(13,142)	-
Net impairment charge on financial assets	9	(61,825)	(52,953)		-		-
Net interest income after impairment charges		328,130	227,335		(13,142)		-
Fee and commission income	10 (a)	208,182	133,494	-	-
Fee and commission expense	10 (b)	(59,628)	(38,311)		-		-
Net fee and commission income		148,554	95,183		-		-
Fair value and foreign exchange gain/(loss)	11,12	314,601	184,126	(3,481)	-
Other operating income	13	22,109	17,219	68,231	25,225
Personnel expenses	14	(117,625)	(89,840)	(1,777)	(721)
Depreciation	28	(30,535)	(22,466)	(145)	(72)
Amortization and impairment	29	(12,631)	(10,277)	-	-
Other operating expenses	15	(358,570)	(254,341)	(1,821)	(1,093)
Share of profit of investment in associate	27 (a)	382	118		-		-
Profit before tax		294,416	147,056	47,865	23,339
Income tax	16	(43,972)	(10,289)		(574)		-
Profit for the period for continuing Operations		250,444	136,766		47,291		23,339
						-
Gain from Discontinued operations		-	148	-	-
Profit for the period
	250,444	136,914		47,291		23,339
						-
Other comprehensive income/(Loss) (OCI):
Items that will not be subsequently reclassified to income statement:					-
Gross actuarial (loss)/gain on retirement benefit obligations		212	(1,276)	-	-
Items that may be subsequently reclassified to the income statement:
Unrealised foreign currency translation difference		279,435	(41,884)	-	-
Changes in fair value of FVOCI debt financial instruments		(32,829)	(60,372)	-
Changes in allowance on FVOCI debt financial instruments		(6,244)	396	-	-
Income tax relating to these items		(69)	-		-		-
Other comprehensive gain/ (loss), net of related tax effects		240,505	(103,136)		-		-
Total comprehensive gain for the period		490,949	33,630	47,291	23,339
Profit attributable to:							-
Equity holders of the parent entity		246,061	134,027	47,291	23,339
Non-controlling interest	38	4,382	2,739		-		-
Profit for the period		250,444	136,766	47,291	23,339
Total comprehensive income attributable to:
Equity holders of the parent entity		463,463	38,473	47,291	23,339
Non-controlling interest	38	27,486	(4,843)		-		-
Total comprehensive income for the period		490,949	33,630	47,291	23,339
Earnings per share attributable to ordinary shareholders
Basic (kobo)	17	692	387	-	-
Diluted (kobo)	17	692	385	-	-

The notes are an integral part of these consolidated financial statements.

4

Access Holdings Plc Interim Consolidated and Separate Financial Statements for the period ended 30 September 2023

Consolidated and separate statement of comprehensive income
			Group		Group			Company		Company
In millions of Naira			3 Months to		3 Months to			3 Months to		3 Months to
	Notes	September 2023		September 2022			September 2023		September 2022
Interest income calculated using effective interest rate	8		357,238	154,941	-	-
Interest income on financial assets at FVTPL	8		84,388	44,733	-	-
Interest expense	8		(275,910)		(116,648)		(5,265)		-
Net interest income			165,716	83,026	(5,265)	-
Net impairment charge	9		(24,649)		(16,090)		-		-
Net interest income after impairment charges			141,066		66,936		(5,265)		-
Fee and commission income	10 (a)	83,160	52,394	-	-
Fee and commission expense	10 (b)	(22,632)		(12,648)		-		-
Net fee and commission income			60,528		39,745		-		-
Fair value and foreign exchange gain/(loss)	11,12		122,555	55,872	(173)	-
Other operating income	13		6,087	7,190	10,327	343
Personnel expenses	14		(52,499)	(31,566)	(635)	(59)
Depreciation	28		(11,940)	(7,518)	(51)	(52)
Amortization and impairment	29		(5,049)	(3,530)	-	-
Other operating expenses	15		(133,933)	(77,631)	(656)	88
Share of profit of investment in associate	27 (a)	-		-
Profit before tax			126,816	49,500	3,547	322
Income tax	16		(11,812)		(1,237)		(156)		(232)
Profit for the period from continuing operations			115,004		48,263		3,391		90
Gain from Discontinued operations			-	-	-
Profit for the period
		115,004	48,263	3,391	90
Other comprehensive income (OCI) net of income tax :
items that will not be subsequently reclassified to income statement:
Gross Actuarial (loss)/gain on retirement benefit obligations			-	-	-	-
Items that may be subsequently reclassified to the income				-				-
statement:
Unrealised foreign currency translation difference			(60,564)	(10,373)	-	-
Changes in fair value of FVOCI debt financial instruments			(121,078)	-				-
Changes in allowance on FVOCI debt financial instruments			805	(52,813)	-	-
Income tax relating to these items			-		-		-		-
Other comprehensive gain/(loss), net of related tax effects			(180,838)		(63,187)		-		-
Total comprehensive (loss)/income for the period			(65,833)	(14,924)	3,391	90
Profit attributable to:
Equity holders of the parent entity			113,150	46,972	3,391	90
Non-controlling interest	38		1,854		1,291		-		-
Profit for the period			115,004	48,263	3,391	90
Total comprehensive income attributable to:
Equity holders of the parent entity			(32,954)	(15,923)	3,391	90
Non-controlling interest	38		(32,879)		999		-		-
Total comprehensive (loss)/income for the period			(65,833)	(14,924)	3,391	90
Earnings per share attributable to ordinary shareholders
Basic (kobo)	17		318	136	-	-
Diluted (kobo)	17		318	132	-	-

5

Access Holdings Plc Interim Consolidated and Separate Financial Statements for the period ended 30 September 2023

Consolidated and separate statement of financial position as at 30 September 2023

		Group		Group	Company		Company
In millions of Naira	Notes	September 2023		December 2022	September 2023		December 2022
Assets
Cash and balances with banks	18	3,083,809	1,969,783	20,927	2,488
Investment under management	19	48,733	39,502	42,907	35,760
Non pledged trading assets	20	208,306	102,690	-	-
Derivative financial assets	21	1,720,754	402,497	90,811	-
Loans and advances to banks	22	758,787	455,709	-	-
Loans and advances to customers	23	6,702,324	5,100,807	-	-
Pledged assets	24	1,327,512	1,265,279	-	-
Investment securities	25	4,007,160	2,761,072	-	-
Investment properties	31a	217	217	-	-
Restricted deposit and other assets	26	2,929,880	2,424,597	18,477	11,720
Statutory reserve investment	26	3,835	3,515	-	-
Pension protection fund investment	26	667	651	-	-
Investment in associates	27a	7,892	7,510	-	-
Investment in subsidiaries	27b	-	-	430,829	290,316
Property and equipment	28	357,073	298,351	833	845
Intangible assets	29	146,470	109,087	-	-
Deferred tax assets	30	31,106		15,095	-		72
		21,334,524	14,956,362	604,784	341,201
Asset classified as held for sale	31b	70,875		42,039	-		-
Total assets		21,405,399	14,998,401	604,784	341,201
Liabilities
Deposits from financial institutions	32	3,425,202	2,005,316	-	-
Deposits from customers	33	12,746,373	9,251,238	-	-
Derivative financial liabilities	21	385,704	32,737	-	-
Current tax liabilities	16	15,917	5,594	526	224
Other liabilities	34	1,126,697	769,694	106,194	90,317
Deferred tax liabilities	30	14,240	1,872	142	-
Debt securities issued	35	478,083	307,253	-	-
Interest-bearing borrowings	36	1,569,021	1,390,029	246,179	-
Retirement benefit obligation	37	3,819		3,277	-		-
Total liabilities		19,765,056	13,767,010	353,041	90,541
Equity
Share capital and share premium	38	251,811	251,811	251,811	251,811
Additional Tier 1 Capital	38	206,355	206,355	-	-
Retained earnings/ (Accumulated deficit)		531,720	408,702	(69)	(1,151)
Other components of equity	38	600,163		341,716	-		-
Total equity attributable to owners of the parent entity		1,590,049	1,208,584	251,742	250,660
Non controlling interest	38	50,293		22,807	-		-
Total equity		1,640,342		1,231,391	251,742		250,660
Total liabilities and equity		21,405,399		14,998,401	604,784		341,201

Signed on behalf of the Board of Directors on 25 October, 2023 by:

GROUP MANAGING DIRECTOR		NON-EXECUTIVE DIRECTOR
Herbert Wigwe		Oluseyi Kumapayi
FRC/2013/ICAN/00000001998		FRC/2013/ICAN/00000000911
	CHIEF FINANCIAL OFFICER
	Morounke Olufemi
	FRC/2015/MULTI/00000011887

6

Access Holdings Plc Interim Consolidated and Separate Financial Statements for the period ended 30 September 2023

Consolidated and separate statement of changes in equity

In millions of Naira

Group

Balance at 1 January, 2023

Total comprehensive income for the period:

Profit for the period

Other comprehensive income/(loss), net of tax Unrealised foreign currency translation difference

Actuarial gain on retirement benefit obligations

Changes in fair value of FVOCI debt financial instruments

Changes in allowance on FVOCI debt financial instruments

Total other comprehensive (loss)/ income

Total comprehensive (loss)/income

Transactions with equity holders, recorded directly in equity: Additional Tier 1 (AT1) Capital issued

Reclassification of parent shares purchased for staff

Transfers between reserves

Transfers between equity owners on acquisitions

Scheme shares (See Note 14)

Vested shares

Finance Cost of additional Tier 1 Capital

Equity cost on share transfer

Dividend paid to equity holders

Total contributions by and distributions to equity holders Balance at 30 September 2023

Consolidated statement of changes in equity

In millions of Naira

Group

Balance at 1 January 2022

Total comprehensive income for the period:

Profit for the period

Other comprehensive income/(loss), net of tax

Unrealised foreign currency translation difference

Actuarial gain/(loss) on retirement benefit obligations

Changes in fair value of FVOCI debt financial instruments Changes in allowance on FVOCI debt financial instruments

Cancelled fair value reserve from associates

Total other comprehensive income/(loss)

Total comprehensive income

Transactions with equity holders, recorded directly in equity: Additional Tier 1 (AT1) Capital issued

Issuing Cost of additional Tier 1 Capital

Transfers during the period

Additional shares

Scheme shares (See Note 14)

Vested shares

Deemed disposal of subsidiaries

Deemed disposal of subsidiaries

Equity cost on share transfer

Dividend paid to equity holders

Total contributions by and distributions to equity holders

Balance at 30 September 2022

				Attributable to equity holders of the parent
									Foreign
		Additional	Regulatory	Other	Share				currency			Non
Share	Share	Tier 1	risk	regulatory	scheme	Treasury	Capital	Fair value	translation	Retained		Controlling	Total
capital	premium	Capital	reserve	reserves	reserve	Shares	reserve	reserve	reserve	earnings	Total	interest	Equity
17,773	234,039	206,355	78,556	158,305	3,513	(11,228)	3,489	78,960	30,122	408,702	1,208,584	22,807	1,231,391
-	-	-	-	-	-	-	-	-	-	246,061	246,061	4,382	250,444
											-		-
-	-	-	-	-	-	-	-	-	273,226	-	273,226	6,209	279,435
-	-	-	-	-	-	-	-	-	-	144	144	-	144
-	-	-	-	-	-	-	-	(49,724)	-	-	(49,724)	16,895	(32,829)
-	-	-	-	-	-	-	-	(6,244)	-	-	(6,244)	-	10,651
-	-	-	-	-		-	-	(55,968)	273,226	144	217,402	23,104	240,503
-	-	-	-	-	-	-	-	(55,968)	273,226	246,205	463,463	27,486	490,949
-	-		-	-	-	-	-	-	-	-	-	-	-
-	-		-	-	(6,334)	-	-	-	-	-	(6,334)	-	(6,334)
-	-	-	19,613	25,087	-	-	-	-	-	(44,700)	-	-	-
-	-	-	-	-	-	-	-	-	-	(32,278)	(32,278)	-	(32,278)
-	-	-	-	-	1,559		-	-	-		1,559	-	1,559
-	-	-	-	-	1,263	-	-	-	-	-	1,263	-	1,263
-	-	-	-	-	-	-	-	-	-		-	-	-
-	-	-	-	-	-	-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-	-	-	(46,209)	(46,209)	-	(46,209)
-	-	-	19,613	25,087	(3,512)	-	-	-	-	(123,187)	(81,999)	-	(81,999)
17,773	234,039	206,355	98,169	183,392	1	(11,228)	3,489	22,992	303,347	531,720	1,590,052	50,293	1,640,344
17,773	234,039	206,355	98,169	183,390	(0)	(11,228)	3,489	22,991	319,689	511,011		50,293
0	(0)	(0)	0	1	1	0	(0)	1	(16,341)	20,709		(0)
				Attributable to equity holders of the parent
									Foreign
		Additional	Regulatory	Other	Share				currency			Non
Share	Share	Tier 1	risk	regulatory	scheme	Treasury	Capital	Fair value	translation	Retained		Controlling	Total
capital	premium	Capital	reserve	reserves	reserve	Shares	reserve	reserve	reserve	earnings	Total	interest	Equity
17,773	234,039	206,355	6,714	136,728	3,217	(7,513)	3,489	(9,713)	38,191	397,273	1,026,549	23,477	1,050,026
													-
-	-	-	-	-	-	-	-	-	-	-	-	-	-
										134,267	134,267	2,739	137,006
-	-	-	-	-	-	-	-	-	-		-		-
-	-	-	-	-	-	-	-		(38,668)	-	(38,668)	(3,216)	(41,884)
-	-		-	-	-	-	-	-	-	(1,276)	(1,276)	-	(1,276)
								(56,006)	-	-	(56,006)	(4,366)	(60,372)
-	-	-	-	-		-	-	396	-	-	396	-	396
											-
-	-	-	-	-	-	-	-	(55,610)	(38,668)	(1,276)	(95,554)	(7,582)	(103,138)
-	-	-	-	-	-	-	-	(55,610)	(38,668)	132,991	38,713	(4,843)	33,869
-	-		-	-	-	-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-	-	-	-	-	-	-
-	-		-	-	-	-	-	-	-	(14,423)	(14,423)	-	(14,423)
-	-	-	47,186	10,801	-	-	-	-	-	(57,987)	-	-	-
-	-	-	-	-	-	-	-	-	-	-	-	-	-
-	-	-	-	-	1,437	(186)	-	-	-	-	1,251	-	1,251
-	-	-	-	-	(1,067)	-	-	-	-	-	(1,067)	-	(1,067)
-	-	-	-	-	-	-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-	-	-	(606)	(606)	-	(606)
-	-	-	-	-	-	-	-	-	-	(34,344)	(34,344)	-	(34,344)
-	-	-	47,186	10,801	370	(186)	-	-	-	(107,361)	(49,189)	-	(49,189)
17,773	234,039	206,355	53,900	147,529	3,587	(7,699)	3,489	(65,324)	(477)	422,903	1,016,072	18,634	1,034,705

7

Access Holdings Plc Interim Consolidated and Separate Financial Statements for the period ended 30 September 2023

Statement of changes in equity

In millions of Naira

Company	Share	Share	Retained	Total
	capital	premium	earnings	Equity
Balance at 1 January, 2023	17,773	234,039	(1,151)	250,661
Total comprehensive income for the period:
Profit for the period	-	-	47,291	47,291
Other comprehensive income, net of tax
Changes in fair value of FVOCI debt financial instruments	-	-	-	-
Changes in allowance on FVOCI debt financial instruments			-	-
Total other comprehensive income	-	-	-	-
Total comprehensive income	-	-	47,291	47,291
Transactions with equity holders, recorded directly in equity:
Dividend paid to equity holders	-	-	(46,209)	(46,209)
Additional shares	-	-	-	-
Total contributions by and distributions to equity holders	-	-	(46,209)	(46,209)
Balance at 30 September 2023	17,773	234,039	(69)	251,743
	17,773	234,039	(69)
	0	0	(0)
In millions of Naira
Company	Share	Share	Retained	Total
	capital	premium	earnings	Equity
Balance at 1 January, 2022	-	-	-	-
Total comprehensive income for the period:
Profit for the period	-	-	23,339	23,339
Other comprehensive income, net of tax
Changes in fair value of FVOCI debt financial instruments	-	-	-	-
Changes in allowance on FVOCI debt financial instruments	-	-	-	-
Total other comprehensive income	-	-	23,339	23,339
Transactions with equity holders, recorded directly in equity:
Transfers for the period	-	-	-	-
Share transfer to Holding Company by virtue of change in structure	17,773	234,039	-	251,811
Dividend paid to equity holders	-	-	(24,882)	(24,882)
Additional shares	-	-	-	-
Equity on share transfer	-	-	(606)	(606)
Total contributions by and distributions to equity holders	17,773	234,039	(25,488)	226,323
Balance at 30 September 2022
17,773	234,039	(2,149)	249,662

8

Access Holdings Plc Interim Consolidated and Separate Financial Statements for the period ended 30 September 2023

Consolidated statement of cash flows
		Group		Group	Company		Company
In millions of Naira	Note	September 2023		September 2022	September 2023		September 2022
Cash flows from operating activities
Profit before income tax including discountinued operations		294,416	147,296	47,709	23,339
Adjustments for:
Depreciation	28	30,535	22,466	145	72
Amortisation	29	12,631	10,277	-	-
Gain on disposal of property and equipment	13	(143)	(74)	-	-
Loss on lease modification	28	(5,478)	334	-	-
Fair value gain on financial assets at FVPL	10b	(174,079)	1,204	-	-
Gain on disposal of investment securities	11	(75,984)	(116,466)	-	-
Impairment on financial assets	9	74,358	52,952	-	-
Additional gratuity provision	14	710	8,270	-	-
Restricted share performance plan expense	14	1,559	1,437	-	-
Write-off of property and equipment		406	408	-	-
Write-off of intangible assets	29	135	-	-	-
Share of profit from associate	27	(382)	(118)	-	-
Net interest (income)/expenses	8	(389,955)	(280,528)	13,142	-
Write-off of non-current asset held for sale		-	190	-	-
Foreign exchange loss/(gain) on revaluation	12	1,828,046	(84,765)	94,292	-
Loss on derecognition of ROU assets	28	-	5,905	-	-
Fair value of derivative financial instruments excluding hedged portion	11	76,839	36,827	(90,811)	-
Dividend income	13	(4,338)	(2,950)	(47,275)	(24,882)
Net gain on fair value hedge (Hedging ineffectiveness)	12b	(90,649)	(8,796)	-	-
Loss from discontinued operations	46	-	148	-	-
Change arising from goodwill reassessment	29	7,848		(83)	-		-
		1,586,473	(206,067)	17,201	(1,471)
Changes in operating assets
Changes in non-pledged trading assets	20	(94,211)	387,161	-	-
Changes in pledged assets	24	(159,332)	69,592	-	-
Changes in other restricted deposits with central banks	26	(601,804)	(421,526)	-	-
Changes in loans and advances to banks and customers	23	(1,883,347)	(512,754)	-	-
Changes in restricted deposits and other assets	26	(1,784,509)	(495,553)	(6,757)	(27,466)
Changes in operating liabilities
Changes in deposits from banks	32	429,363	50,952	-	-
Changes in deposits from customers	33	3,479,480	1,240,897	-	-
Changes in other liabilities	34	350,591		8,512	15,877		85,403
		1,322,703	121,213	26,321	56,466
Interest paid on deposits to banks and customers	32	(370,764)	(247,222)	-	-
Interest received on loans and advances to bank and customers	33	383,001	326,750	-	-
Interest received on non-pledged trading assets	20	95,701	76,767	-	-
		1,430,641	277,508	26,321	56,466
Payment out of retirement benefit obligation		-	(7,067)	-	-
Income tax paid	16	(24,313)		(21,418)	98		-
Net cash generated from operating activities		1,406,329		249,023	26,420		56,466
Cash flows from investing activities						-
Net acquisition of investment securities		(3,479,872)	(561,900)	-	-
Interest received on investment securities	25	433,842	126,381	-	-
Transfer from/additional investment in fund manager	26	(2,084)	(2,934)	-	(2,934)
Dividend received	13	4,338	2,950	47,275	24,882
Acquisition of property and equipment	28	(99,309)	(52,038)	(132)	(1,179)
Proceeds from the sale of property and equipment	28	21,522	11,612	-	-
Acquisition of intangible assets	29	(42,551)	(3,902)	-	-
Proceeds from disposal of asset held for sale		-	8,384	-	-
Proceeds from matured investment securities	25	2,475,147	433,754	-	-
Proceeds from disposal of sub-subsidiary		-			-	-
Additional investment in associate		-	(886)	-	-
Additional investment in subsidiaries	27c	-	-	(140,513)	(21,418)
Net cash generated from investing activities		(688,967)	(38,579)	(93,370)	(651)
Cash flows from financing activities
Interest paid on interest bearing borrowings and debt securities issued	36	(80,924)	(54,034)	-	-
Proceeds from interest bearing borrowings	38	112,427	518,369	-	-
Proceeds from Additional Tier 1 capital issued	37	138,675	-	-	-
Payments on Issuing cost of Additional Tier 1 capital	36	(47,366)	(14,423)	-	-
Repayment of interest bearing borrowings	35	(607,615)	(425,558)	-	-
Increase in borrowings		138,745	-	138,745	-
Proceeds from debt securities issued		-	21,887	-	-
Lease payments	28	(3,375)	(10,146)	-	-
Purchase of own shares		528	(715)	-	-
Equity cost of share transfer		-	(606)	-	(606)
Dividends paid to owners	13	(47,275)		(34,344)	(46,209)		(24,882)
Net cash generated from/(used in) financing activities		(396,179)		429	92,536		(25,488)
Net increase in cash and cash equivalents		321,183		210,873	25,586		30,328
Cash and cash equivalents at beginning of period	40	1,933,427	1,528,923	38,248	-
Net increase in cash and cash equivalents		321,183	210,873	25,586	30,328
Effect of exchange rate fluctuations on cash held		118,124		15,598			-
Cash and cash equivalents at end of period	40	2,372,733	1,755,394	63,834		30,328

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Access Holdings Plc Interim Consolidated and Separate Financial Statements for the period ended 30 September 2023

1.0 General information

Access Holdings Plc ("the company") is domiciled in Nigeria. The address of the company's registered office is No 14/15, Prince Alaba Oniru Road, Oniru, Lagos (formerly Plot 999c, Danmole Street, off Adeola Odeku/Idejo Street, Victoria Island, Lagos). The consolidated and separate interim financial statements of the Company for the period ended 30 September 2023 comprises of the Holding Company and its subsidiaries (together referred to as "the Group" and separately referred to as "Group entities"). The Corporation's business segments include banking, consumer lending, payment services, insurance brokerage and pension funds administration . The Company is listed on Nigerian Exchange Limited.

These financial statements were approved and authorised for issue by the Board of Directors on 25 October 2023. The directors have the power to amend and reissue the financial statements.

As at the time of this report,the Banking Group, Payment services and Pension Funds Administration are in operation as a subsidiary of the Holding Company.

2.0 Statement of compliance with International Financial Reporting Standards

The consolidated and separate interim financial statements of the Group and Company respectively, have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Additional information required by national regulations are included where appropriate.

1. Basis of preparation
   This Interim financial statement has been prepared in accordance with the guidelines set by International Financial Reporting Standards (IFRSs) and interpretations issued by the IFRS Interpretations Committee (IFRIC) applicable to companies reporting under IFRS. This consolidated and separate interim financial statement comprise the consolidated and separate statement of comprehensive income, the consolidated and separate statement of financial position, the consolidated and separate statements of changes in equity, the consolidated and separate cash flow statement and the notes.
   The interim financial statements have been prepared in accordance with the going concern principle under the historical cost convention, modified to include fair valuation of particular financial instruments, non current assets held for sale and investment properties to the extent required or permitted under IFRS as set out in the relevant accounting policies.
2. Summary of significant accounting policies
   The principal accounting policies applied in the preparation of these consolidated and separated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

(a) Functional and presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in Naira, which is Access Holdings Plc's functional and presentation currency; except where indicated, financial information presented in Naira has been rounded to the nearest millions.

(b) Basis of measurement

These consolidated and separate interim financial statements have been prepared on the historical cost basis except for the following:

• derivative financial instruments are measured at fair value.
• non-derivativefinancial instruments at fair value through profit or loss are measured at fair value.
• financial instruments at fair value through OCI are measured at fair value.
• the liability for defined benefit obligations is recognised as the present value of the defined benefit obligation and related current service cost
• non-currentassets held for sale measured at lower of carrying amount and fair value less costs to sell.
• share based payment at fair value or an approximation of fair value allowed by the relevant standard.
• Investment properties are measured at fair value.

1. Use of estimates and judgments

The preparation of the consolidated and separate financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Information about significant areas of estimation uncertainties and critical judgments in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated and separate financial statements are described in note 4.

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