Access Holdings Plc, the parent company of Access Bank Nigeria, reported a remarkable 114.5% year-on-year increase in gross revenue to N3.4 trillion for Q3 2024, compared to N1.6 trillion in the same period of 2023. This growth was largely driven by interest income, which constituted 70% of total earnings, amounting to N2.4 trillion, while non-interest income rose by 87.2% to N1 trillion, fueled by higher transaction volumes on digital and alternative channels. Despite inflationary challenges, the group maintained a stable cost-to-income ratio of 60.8%, while profit before tax surged by 89.6% to N558.2 billion, and profit after tax grew by 82.8% to N457.7 billion, yielding an annualized return on equity of 22.2%.
The strong quarterly performance extended across Access Holdings’ subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers, with total assets rising 54% year-to-date to N41.1 trillion. Shareholders’ equity also climbed by 51% to N3.3 trillion, while customer deposits saw a 45.4% increase, reaching N22.3 trillion. Access Bank’s overseas subsidiaries, notably in the UK and Africa, performed exceptionally well, contributing to 54.8% of the bank’s profit before tax and recording a significant 185.8% year-on-year growth. Access Holdings attributes its success to tailored banking solutions and enhanced cross-border capabilities.
Access Holdings’ non-banking subsidiaries also displayed robust growth, with Access ARM Pensions managing N3.1 trillion in assets post-merger, and Hydrogen Payments processing N27.5 trillion in transactions, resulting in a 516% increase in operating profit. The newly established Oxygen X Finance, the group’s digital lending arm, reported N2.1 billion in operating income and a profit before tax of N412 million. Looking forward, Access Holdings plans to further boost profitability through diversified revenue channels, a commitment to sustainability, and investment in employee development to drive long-term shareholder value.
