Access Holdings reported a significantly lower net profit despite achieving a new revenue milestone in the first half of the year, as stringent cost management measures diminished potential gains, according to its audited earnings report released on Saturday.

The post-tax profit for Nigeria’s largest bank reached N281.3 billion, representing approximately 12.8 percent of the N2.2 trillion in gross earnings, highlighting the difficulties faced by the financial services group in converting revenue into profit.

The lender's earnings of N1.3 trillion, primarily from loans and investments in financial assets, more than doubled compared to the previous year.

However, 65.1 percent of this revenue was consumed by payments to depositors and other borrowing expenses, resulting in a net interest income of only N513.4 billion.