Access Holdings’ Total Assets Reach ₦41.1 Trillion in Q3 2024, with Gross Revenue at ₦3.4 Trillion
Access Holdings Plc, a premier financial services group in Africa, has reported impressive unaudited financial results for Q3 2024, showcasing substantial growth across key metrics. The group’s gross revenue surged by 114.5% year-on-year to ₦3.4 trillion, driven by both interest income, which contributed ₦2.4 trillion, and non-interest income, which increased 87.2% to ₦1.0 trillion.
Despite inflationary pressures, Access Holdings maintained a stable cost-to-income ratio of 60.8%. Profit before tax rose by 89.6% to ₦558.2 billion, while profit after tax increased by 82.8% to ₦457.7 billion, yielding an annualised return on equity of 22.2% and earnings per share of ₦12.40.
The Group’s total assets reached ₦41.1 trillion, a 54.0% increase since December 2023, and shareholders’ equity grew by 51.0% to ₦3.3 trillion. Customer deposits rose 45.4% to ₦22.3 trillion, while gross loans and advances expanded by 56.2% to ₦13.9 trillion. The core banking arm, Access Bank, along with international subsidiaries, played a significant role in this performance, with overseas branches contributing 54.8% of the Banking Group’s profit before tax.
Access Holdings’ non-banking subsidiaries also contributed to the growth. Access ARM Pensions, managing ₦3.1 trillion in assets, Hydrogen Payments processed ₦27.5 trillion in transactions, achieving a 516% increase in operating profit. Access Insurance Brokers posted ₦8.3 billion in gross written premium, while new digital lending entity Oxygen X Finance reported ₦2.1 billion in operating income.
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Looking forward, Access Holdings aims to strengthen profitability through diversified revenue streams and a commitment to sustainability, emphasizing environmental, social, and governance (ESG) principles.
