Access Holdings Plc, one of Africa’s leading financial institutions, has released its unaudited financial results for the third quarter ending September 30, 2024. The results show impressive growth, underscoring the group’s resilience and ongoing commitment to creating shareholder value.
For the nine-month period, gross revenue surged by 114.5% year-on-year, rising from ₦1.6 trillion in 2023 to ₦3.4 trillion in 2024. This growth was largely driven by a sharp increase in interest income, which accounted for 70% of gross revenue at ₦2.4 trillion, complemented by an 87.2% rise in non-interest income to ₦1.0 trillion due to higher transaction volumes across digital and alternative channels. Amid inflationary pressures, Access Holdings maintained a stable cost-to-income ratio at 60.8%, while profit before tax increased by 89.6% to ₦558.2 billion, and profit after tax grew by 82.8% to ₦457.7 billion. Earnings per share climbed to ₦12.40, translating to an annualized return on equity of 22.2%.
The Group’s asset base also demonstrated remarkable expansion, with total assets climbing by 54.0% year-to-date to reach ₦41.1 trillion. Shareholders’ equity saw a significant increase of 51.0%, totaling ₦3.3 trillion. Customer deposits recorded robust growth, up 45.4% from ₦15.3 trillion in December 2023 to ₦22.3 trillion as of Q3 2024, while gross loans and advances rose 56.2% to ₦13.9 trillion.
Access Holdings’ performance was bolstered by contributions from its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers. International operations, particularly in the UK and Africa, performed exceptionally well, contributing 54.8% to the Group’s profit before tax—a 185.8% increase year-on-year.
Access ARM Pensions, post-merger with ARM Pensions, now oversees ₦3.1 trillion in assets under management. Hydrogen Payments achieved ₦27.5 trillion in transaction volume, increasing its operating profit by 516% year-on-year to ₦5.7 billion. Access Insurance Brokers, in its first year of operation, posted a gross written premium of ₦8.3 billion, while Oxygen X Finance, the digital lending arm, reported ₦2.1 billion in operating income and a profit before tax of ₦412 million.
Looking forward, Access Holdings remains committed to enhancing profitability through a diversified portfolio and a strong focus on environmental, social, and governance (ESG) principles. With ongoing investments in employee development and innovation, Access Holdings aims to drive long-term value and sustain its position as a leading financial powerhouse across the continent.
