By Seun Ibiyemi
Access Holdings Plc, one of Africa’s leading financial institutions, has announced its unaudited results for the third quarter (Q3) ended September 30, 2024.
Gross revenue for the nine-month period rose by 114.5 percent year-on-year, climbing from N1.6 trillion in 2023 to N3.4 trillion in 2024.
Interest income, a major driver of this growth, represented 70 percent of gross revenue at N2.4 trillion, while non-interest income contributed N1 trillion, marking an 87.2 percent increase due to higher transaction volumes on digital channels and other alternative platforms.
Profit before tax (PBT) saw an 89.6 percent rise to N558.2 billion, while profit after tax (PAT) rose 82.8 percent to N457.7 billion.
This robust performance translated to an annualised return on equity of 22.2 percent, with earnings per share up to N12.40.
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.
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 percent year-to-date, while shareholders’ equity grew by 51 percent to N3.3 trillion.
Customer deposits saw an impressive rise of 45.4 percent, increasing from N15.3 trillion in December 2023 to N22.3 trillion by Q3 2024, while gross loans and advances grew 56.2 percent, 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 percent of the Banking Group’s profit before tax, an increase of 185.8 percent 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 N3.1 trillion in assets under management. Hydrogen Payments processed N27.5 trillion in transactions, growing its operating profit by 516 percent 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 said it remains focused on enhancing profitability through diversified revenue streams across all markets.