Access Holdings’ Assets Hit N41trn, Posts N3.4trn Gross Revenue

Access Holdings Plc, posted a total assets of N41.1 trillion in its unaudited results for the third quarter (Q3) ended September 30, 2024.

The financial results highlight the group’s continued growth momentum, emphasising resilience and sustainable performance as the Group works to deliver solid returns for its shareholders.

The Group gross revenue for the nine-month period rose by 114.5 per cent year-on-year, climbing from N1.6 trillion in 2023 to N3.4 trillion in 2024.

Interest income, a major driver of this growth, represented 70 per cent of gross revenue at N2.4 trillion, while non-interest income contributed N1.0 trillion, marking an 87.2 per cent increase due to higher transaction volumes on digital channels and other alternative platforms.

Despite inflationary pressures, the cost-to-income ratio remained stable at 60.8 per cent, while profit before tax saw an 89.6 per cent rise to N558.2 billion, and profit after tax rose 82.8 per cent to N457.7 billion. This robust performance translated to an annualised return on equity of 22.2 per cent, with earnings per share up to N12.40.

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Access Holdings reported significant gains in Q3 2024, driven by strong performance across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers.

The Group’s total assets surged to N41.1 trillion, up by 54.0 per cent year-to-date, while shareholders’ equity grew by 51.0 per cent to N3.3 trillion. Customer deposits saw an impressive rise of 45.4 per cent, increasing from N15.3 trillion in December 2023 to N22.3 trillion by Q3 2024, while gross loans and advances grew 56.2 per cent, reaching N13.9 trillion.

Subsidiaries in the UK and across Africa performed particularly well, delivering 54.8 per cent of the Banking Group’s profit before tax, an increase of 185.8 per cent year-on-year. The Group remains committed to expanding its footprint by offering tailored banking solutions in each region, enhancing customer experience, and advancing cross-border banking capabilities.

Looking ahead, Access Holdings said it remains focused on enhancing profitability through diversified revenue streams across all markets.

“The group is deeply committed to advancing sustainability, embedding environmental, social, and governance principles into its operations to foster positive community impact. Through ongoing investments in employee development, Access Holdings is building a culture of innovation and excellence, further positioning the group as a driver of long-term value for its shareholders,” the company said.