Access Holdings’ Total Assets Surge 54% to 41trn in Q3
Access Holdings Plc has recorded a significant 54% increase in total assets, reaching N41.1 trillion by the end of the third quarter of 2024, according to its unaudited financial report. The results underscore the Group’s resilience and commitment to delivering strong returns for its shareholders, driven by continued growth across its banking and non-banking subsidiaries.
Gross revenue for the nine-month period rose by 114.5% year-on-year, from N1.6 trillion in 2023 to N3.4 trillion in 2024. Interest income, which accounted for 70% of the total revenue, stood at N2.4 trillion, while non-interest income contributed N1 trillion, an 87.2% increase attributed to higher transaction volumes on digital and alternative channels.
Despite inflationary challenges, Access Holdings maintained a stable cost-to-income ratio of 60.8%. Profit before tax grew by 89.6% to N558.2 billion, while profit after tax rose by 82.8% to N457.7 billion. This performance translated to an annualised return on equity of 22.2%, with earnings per share up to N12.40.
Customer deposits increased by 45.4%, reaching N22.3 trillion, while gross loans and advances grew 56.2% to N13.9 trillion. The Group’s banking subsidiaries, particularly those in the UK and Africa, delivered 54.8% of the profit before tax for the Banking Group, marking a 185.8% year-on-year increase.
Non-banking subsidiaries also showed robust growth. Access ARM Pensions, following its merger with ARM Pensions, now manages assets worth N3.1 trillion. Hydrogen Payments saw a 516% year-on-year rise in operating profit to N5.7 billion, processing N27.5 trillion in transactions. New subsidiary Oxygen X Finance, focused on digital lending, reported N2.1 billion in operating income and a profit before tax of N412 million.
CEO of Access Holdings, Sunil Gupta, expressed optimism about the group’s future: “Our diversified revenue streams and regional footprint are key drivers of our growth, positioning us as a leader in innovative, customer-focused solutions.”
The group remains committed to sustainability, embedding environmental, social, and governance (ESG) principles into its operations to ensure a positive community impact. Through continued investment in employee development and a culture of excellence, Access Holdings aims to foster long-term value for its shareholders. Coca-Cola Africa Boosts Namibia with 50m Investment
