by NIyi JACOBS
Despite boasting ₦2.5 trillion in gross earnings for the first half of 2025, Access Holdings Plc is facing rising criticism over the sources of its profit growth — mainly higher fees, transaction charges, and widening interest spreads that have left customers groaning under heavy costs.
The Group’s half-year audited report showed a 13.8% rise in gross earnings from ₦2.2 trillion in the same period of 2024. But analysts note that the increase was largely fuelled by income from interest and commissions — indicators that the bank may be profiting more from Nigeria’s tough economic climate than from genuine expansion in lending or customer satisfaction.
Interest income jumped 38.9% year-on-year to ₦2.0 trillion, reflecting higher loan pricing and increased yields on government securities — both by-products of elevated interest rates. At the same time, net interest income nearly doubled (91.8%) to ₦984.6 billion, suggesting that borrowers bore the brunt of tighter credit conditions.
What has drawn even greater scrutiny, however, is the 16.1% rise in net fees and commission income to ₦237.7 billion. Industry observers link this to mounting customer complaints over excessive debit alerts, increased ATM withdrawal costs, and rising electronic transfer fees — charges that have quietly multiplied across Nigeria’s banking system in recent months.
Access Bank, the Group’s main subsidiary, posted a profit before tax of ₦303 billion and a profit after tax of ₦199.3 billion, with a 27% jump in fee and commission income to ₦294.9 billion. Critics argue that such figures mirror the same trend across the sector: banks recording record profits while consumers endure record service charges.
Non-banking subsidiaries also contributed significantly, with Access ARM Pensions’ profit up 65.1%, Hydrogen Payments growing pre-tax profit by 273%, and Access Insurance Brokers’ profit surging 161% — yet analysts say these gains largely reflect price adjustments and revaluation rather than organic growth in new customer activity.
While the Group praised its “resilient performance” and “strategic diversification,” consumer advocates question whether Access Holdings’ profitability truly represents economic progress or simply a shift of financial burden onto everyday Nigerians.
With total assets now at ₦42.4 trillion and customer deposits at ₦22.9 trillion, Access Holdings remains the country’s largest financial institution. But its growing dependence on non-lending income streams — including service charges and transaction fees — may test its long-term reputation for inclusivity and fair banking.
