Access Holdings Plc, one of Africa’s leading financial institutions has grown its total assets to N41.1trillion, while shareholders’ equity grew by 51.0% to N3.3 trillion.
The Group announced this in its unaudited account for the third quarter ended September 30, 2024, made available on Sunday.
The financial results, according to the Group highlight its continued growth momentum, emphasising resilience and sustainable performance, delivering solid returns for its shareholders.
Customer deposits saw an impressive rise of 45.4%, increasing from ₦15.3 trillion in December 2023 to ₦22.3 trillion by Q3 2024, while gross loans and advances grew 56.2%, reaching ₦13.9 trillion.
Gross revenue for the nine-month period rose by 114.5% year-on-year, climbing from ₦1.6 trillion in 2023 to ₦3.4 trillion in 2024. Interest income, a major driver of this growth, represented 70% of gross revenue at ₦2.4 trillion, while non-interest income contributed ₦1.0 trillion, marking an 87.2% increase due to higher transaction volumes on digital channels and other alternative platforms.
Despite inflationary pressures, the cost-to-income ratio remained stable at 60.8%, while profit before tax saw an 89.6% rise to ₦558.2 billion, and profit after tax rose 82.8% to ₦457.7 billion. This robust performance translated to an annualised return on equity of 22.2%, with earnings per share up to ₦12.40.
Subsidiaries in the UK and across Africa performed particularly well, delivering 54.8% of the Banking Group’s profit before tax, an increase of 185.8% year-on-year.
The Group said, it 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 ₦3.1 trillion in assets under management. Hydrogen Payments processed ₦27.5 trillion in transactions, growing its operating profit by 516% year-on-year to ₦5.7 billion.
Access Insurance Brokers, still in its first year of operations, posted a gross written premium of ₦8.3 billion and a profit before tax of ₦641 million. New entrant, Oxygen X Finance, the group’s digital lending subsidiary, reported ₦2.1 billion in operating income and a profit before tax of ₦412 million.
Looking ahead, Access Holdings said it remains focused on enhancing profitability through diversified revenue streams across all markets.
The group it is deeply committed to advancing sustainability, embedding environmental, social, and governance principles into its operations to foster positive community impact.
It said, through ongoing investments in employee development, it is building a culture of innovation and excellence, which will further position it as a driver of long-term value for its shareholders.
