Access Holdings Plc, a leading financial institution in Africa, has announced its unaudited financial results for the third quarter (Q3) ended September 30, 2024, showcasing robust growth across key metrics.
For the nine-month period, gross revenue surged by 114.5% year-on-year, increasing from N1.6 trillion in 2023 to N3.4 trillion in 2024. Interest income, accounting for 70% of total revenue, rose to N2.4 trillion, while non-interest income reached N1 trillion, reflecting an 87.2% increase driven by heightened transaction volumes on digital channels.
Despite ongoing inflationary pressures, the cost-to-income ratio remained stable at 60.8%. Profit before tax (PBT) rose by 89.6% to N558.2 billion, while profit after tax (PAT) increased by 82.8% to N457.7 billion, resulting in an annualized return on equity of 22.2% and earnings per share of N12.40.
Access Holdings attributed its impressive performance to strong contributions from its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers. The Group’s total assets climbed to N41.1 trillion, a 54% year-to-date increase, and shareholders’ equity grew by 51% to N3.3 trillion.
Customer deposits experienced a notable rise of 45.4%, from N15.3 trillion in December 2023 to N22.3 trillion by Q3 2024, while gross loans and advances increased by 56.2% to N13.9 trillion.
International operations, particularly in the UK and Africa, were significant contributors, delivering 54.8% of the Banking Group’s PBT, an increase of 185.8% year-on-year.
Access Holdings is committed to expanding its footprint by providing tailored banking solutions and enhancing customer experiences, while also advancing its cross-border banking capabilities. The Group’s non-banking subsidiaries also demonstrated strong performance, with Access ARM Pensions managing N3.1 trillion in assets, Hydrogen Payments processing N27.5 trillion in transactions, and Access Insurance Brokers achieving N8.3 billion in gross written premium.
Looking ahead, Access Holdings aims to enhance profitability through diversified revenue streams across all markets, solidifying its position as a key player in the financial sector.