Access Holdings’ net profit for the first three quarters of the year rose approximately 83 per cent, its unaudited accounts showed, as West Africa’s biggest lender saw a huge boost to its interest income.
Other key revenue sources similarly recorded notable growth.
The bank has also announced a series of initiatives aimed at empowering small businesses across Africa and enhancing intra-African trade.
Gross earnings increased more than two-fold to N3.4 trillion, with interest income contributing more than 70 per cent of that sum, putting the corporation on track to achieve the N5 trillion turnover target it has set itself for the year.
Much of the revenue of the financial services group did not turn into profit in the review period as expenditure continued to rise, hurting earnings.
Net profit margin, the portion of revenue that eventually translates into profit after tax, stood at 13.4 per cent, compared to 15.7 per cent.
Access Holdings, which is longing to take a place among the top five banks on the continent by 2027, is taking the long view by committing a vast slice of its resources to consolidating its share of key markets outside its base in Nigeria.
Meanwhile, during a recent media roundtable, the leadership team, including Acting Group Chief Executive Officer Ms. Bolaji Agbede, and Group Managing Director/Chief Executive Officer Roosevelt Ogbonna, shared insights on the company’s strategic priorities for the coming years.“Our commitment to fostering economic growth in Africa is well established,” said Agbede.
“We believe that by supporting small businesses, we can create lasting economic value and drive meaningful change across the continent.”Ogbonna outlined the strategic priorities for 2023–2027, which focus on infrastructure investments, retail banking, and small business empowerment.