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Access Holdings Generates N3.4trn in Nine Months

By Aduragbemi Omiyale

In the first nine months of 2024, Access Holdings Plc generated N3.4 trillion as revenue compared with the N1.6 trillion recorded in the same period of last year.

In the financial statements for the third quarter of this year filed to the Nigerian Exchange (NGX) Limited over the weekend, it was disclosed that interest income, a major driver of this growth, represented 70 per cent of gross revenue at N2.4 trillion and 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.

The results showed continued growth momentum, emphasising resilience and sustainable performance as the Group works to deliver solid returns for its shareholders.

It was observed that despite inflationary pressures, the cost-to-income ratio remained stable at 60.8 per cent, with profit before tax growing by 89.6 per cent to N558.2 billion, and profit after tax up by 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.

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 groupโ€™s total assets surged to N41.1 trillion, up by 54.0 per cent year-to-date, while shareholdersโ€™ equity grew by 51.0 per cent to N3.3 trillion.

Customer deposits saw an impressive rise of 45.4 per cent 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.

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 groupโ€™s profit before tax, an increase of 185.8 per cent year-on-year.

The organisation says it remains committed to expanding its footprint by offering tailored banking solutions in each region, enhancing customer experience, and advancing cross-border banking capabilities. 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 groupโ€™s digital lending subsidiary, reported N2.1 billion in operating income and a profit before tax of N412 million.

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

It expressed its deep commitment to advancing sustainability, and embedding environmental, social, and governance principles into its operations to foster positive community impact.