Access Holdings Grows Total Assets by 54% to N41trn in Q3
Access Holdings Plc grew total asset by 54% to N41. 1 trillion at the end of the third quarter of the financial year 2024, it unaudited report for the period showed.
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, it said in an official statement. Gross revenue for the nine-month period rose by 114.5% 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% of gross revenue at N2.4 trillion, while non-interest income contributed N1.0 trillion, marking an 87.2% 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%, while profit before tax saw an 89.6% rise to N558.2 billion, and profit after tax rose 82.8% to N457.7 billion.
This robust performance translated to an annualised return on equity of 22.2%, 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 Group’s total assets surged to N41.1 trillion, up by 54.0% year-to-date, while shareholders’ equity grew by 51.0% to N3.3 trillion.
Customer deposits saw an impressive rise of 45.4%, increasing from N15.3 trillion in December 2023 to N22.3 trillion by Q3 2024, while gross loans and advances grew 56.2%, 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% of the Banking Group’s profit before tax, an increase of 185.8% 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.
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% 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. Looking ahead, management said the group 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. #Access Holdings Grows Total Assets by 54% to N41trn in Q3
