Access Holdings Grows Profit by 3.7% in 2024
Access Holdings Plc has reported a 3.7% year-on-year profit growth for the financial year 2024, according to the group’s audited financial statement. Details from its audited report showed that profit for the year climbed to N642.217 billion, up by 3.6964% year on year from N619.324 billion in 2023.
The financial services group’s net interest income grew by 82% year on year to N1.268 trillion in 2024 on the back of a high interest rate environment that pushed the value of the loan book; from N695.360 billion reported in 2023.
Net fees and commission income double down in the period due to increased activity levels. Access Plc recorded N415.241 billion in net fees and commission, up by 100% year on year from N207.782 billion in the comparable year in 2023.
Gains from asset revaluation and foreign currency assets declined to N415.804 billion in 2024 from N628.931 billion following the Central Bank of Nigeria’s circular asking banks to reduce their net open positions.
The financial services group saw a significant spike in personnel costs in the year, while other operating expenses also grew sharply year on year. Hence, profit before tax printed at N867 billion in 2024, from N729 billion 12 months earlier.
Due to an increase in tax expenses, profit after tax settled at N642.217 billion at the end of 2024, growing by less than 4% year-on-year from N619.324 billion in 2023. #Access Holdings Grows Profit by 3.7% in 2024 SAMTL Opens Access to Mixed Income Fund Investment
