By Ayomide Otitoju
Access Holdings Plc has posted impressive growth in gross earnings, reporting N3.4 trillion for the first nine months of 2024. This marks a 114.5% increase from N1.6 trillion in the same period last year, as detailed in the company’s third-quarter filing with the Nigerian Exchange Limited.
The rise was primarily fueled by a 70% contribution from interest income, amounting to N2.4 trillion. Non-interest income contributed an additional N1 trillion, an 87.2% increase attributed to higher transaction volumes on digital and alternative platforms. Access Holdings’ profit before tax surged 89.6% to N558.2 billion, while profit after tax rose by 82.8% to N457.7 billion. The group’s cost-to-income ratio held steady at 60.8% despite inflationary pressures.
In a statement on Sunday, the group highlighted that its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers, drove substantial growth across all sectors. Access Holdings’ total assets increased by 54.0% year-to-date, reaching N41.1 trillion, while shareholders’ equity grew by 51.0% to N3.3 trillion. Customer deposits climbed 45.4% from N15.3 trillion in December 2023 to N22.3 trillion by Q3 2024, and gross loans and advances rose by 56.2% to N13.9 trillion.
Access Bank, the largest subsidiary within the group, maintained strong performance, with international operations in the UK and Africa contributing significantly—delivering 54.8% of the Bank’s profit before tax, an increase of 185.8% year-on-year. Access Holdings stated that it remains committed to expanding regionally with tailored banking solutions, enhancing customer experience, and advancing cross-border banking capabilities.
Access ARM Pensions, following its recent merger with ARM Pensions, now manages N3.1 trillion in assets. Hydrogen Payments reported a staggering 516% year-on-year growth in operating profit to N5.7 billion, having processed N27.5 trillion in transactions. Access Insurance Brokers, in its inaugural year, posted a gross written premium of N8.3 billion and a profit before tax of N641 million. Additionally, Oxygen X Finance, the group’s new digital lending arm, reported N2.1 billion in operating income and a pre-tax profit of N412 million.
The holding company’s broad-based growth and solid Q3 performance underscore its diversified portfolio and ongoing regional expansion efforts, solidifying its leadership position in Nigeria’s financial sector.
