Access Holdings Plc, one of Africa’s leading financial institutions, has announced its unaudited results for the third quarter ended September 30, 2024.
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.Gross revenue for the nine-month period rose by 114.5% year-on-year, climbing from 1.6 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 12.40.
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 22.3 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 N3.1trillion 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, Access Holdings 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 Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services. Headquartered in Lagos, Nigeria,
Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 23 countries, and 60+ million customers.
Access transitioned into a holding company to drive rapid growth and become a full-scale ecosystem player offering interconnected services across customer needs.
Established in 2022, Access Holdings PLC consists of the Access Bank Group; Access Pensions; a Payment and Switching Services Company; a Digital Lending Company, and an Insurance Brokerage Company.
The banking vertical serves its various markets through four business segments: Retail, Business, Commercial and Corporate, and has enjoyed what is it arguably Africa’s most successful banking growth trajectory in the last eighteen years, becoming one of Africa’s largest retail banks by customer base and Sub-Saharan Africa’s largest bank by total assets.
Access Holdings strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.
