Access Holdings Plc (ACCESSCORP) has released its unaudited 9-month results for 2024, reporting a remarkable 79.2% year-on-year increase in earnings per share (EPS) to NGN12.40.
The company’s gross earnings surpassed NGN3.00 trillion, a first for any bank, driven by gains in funded and non-funded income.
Interest income grew by 128.7% year-on-year to NGN2.40 trillion, while non-interest income rose by 95.4% year-on-year to NGN948.86 billion.
Net interest income expanded by 116.6% year-on-year to NGN844.84 billion, despite a 135.9% year-on-year increase in interest expense.
Operating income grew by 102.6% year-on-year to NGN1.65 trillion, with operating expenses surging by 110.0% year-on-year.
Profit before tax rose by 89.6% year-on-year to NGN558.18 billion, while profit after tax increased by 82.8% year-on-year to NGN457.75 billion.
Analysts expect Access Holdings to maintain its positive momentum, driven by elevated interest rates and accelerated risky asset creation.