Access Holdings Plc, one of Africa’s leading financial institutions, has announced its unaudited financial results for the third quarter ended September 30, 2024, posting gross revenue of N3.4 trillion.
The group result showed that the revenue grew by 114.5 per cent year on year, against N1.6 trillion reported in the same period of 2023.
Interest income, a major driver of this growth, represented 70 per cent of gross revenue at N2.4 trillion, while 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.
Despite inflationary pressures, the cost-to-income ratio remained stable at 60.8 per cent, while profit before tax saw an 89.6 per cent rise to N558.2 billion, and profit after tax rose 82.8 per cent to 457.7 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 third quarter of 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 per cent year-to-date, while shareholders’ equity grew by 51.0 per cent to N 3.3 trillion.
Customer deposits saw an impressive rise of 45.4 per cent growing from N15.3 trillion in December 2023 to N22.3 trillion at the end of September 2024, while gross loans and advances grew by 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 Group’s profit before tax, an increase of 185.8 per cent 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.
Looking ahead, Access Holdings remains focused on enhancing profitability through diversified revenue streams across all markets.
