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Access Holdings Assets Surge to N41.1trn in Q3 as Gross Revenue Jumps 114.5% to N3.4trn
Nume Ekeghe
Access Holdings Plc has reported remarkable third-quarter results, with gross revenue soaring by 114.5 year-on-year to N3.4 trillion, and its holdings assets growing to N41.1 trillion for the period ending September 30, 2024.
The group said the growth trajectory underlined its resilience and strong performance across diverse business segments, reinforcing its commitment to sustainable returns for shareholders.
In a statement made available to THISDAY, the holding’s gross revenue increase, from N1.6 trillion in 2023 to N3.4 trillion in 2024, had been largely fuelled by interest income, which constituted 70 per cent of total revenue, reaching N2.4 trillion.
Non-interest income also marked an 87.2 per cent increase, contributing N1.0 trillion, as transaction volumes climbed across digital and alternative banking channels.
Despite inflationary pressures, Access Holdings maintained a stable cost-to-income ratio at 60.8 per cent, while profit before tax surged by 89.6 per cent to N558.2 billion.
Profit after tax increased by 82.8 per cent, reaching N457.7 billion, which translated to an annualised return on equity of 22.2 per cent and earnings per share of N12.40.
Furthermore, 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.
It stated, “Access Bank continued its strong performance, with both interest and non-interest income contributing significantly to gross earnings. 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.”
Access Holdings added, “The non-banking subsidiaries of Access Holdings also delivered consistent growth. Access ARM Pensions, following a merger with ARM Pensions, now oversees N3.1 trillion in assets under management.
“Hydrogen Payments processed N27.5 trillion in transactions, growing its operating profit by 516 per cent year-on-year to N5.7 billion. Access Insurance Brokers, still in its first year of operations, posted a gross written premium of N8.3 billion and a profit before tax of N641 million. New entrant, Oxygen X Finance, the group’s digital lending subsidiary, reported N2.1 billion in operating income and a profit before tax of N412 million.”
It stated further, “Looking ahead, Access Holdings 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.”