Access Holdings Plc’s gross earnings increased to N3.4tn in the first nine months of this year, driven by a rise in interest income.
This was indicated in its third-quarter report filed with the Nigerian Exchange Limited.
In the nine months under review, Access Holdings, which is the parent company of Nigeria’s largest bank by asset, Access Bank, revealed that its gross revenue rose by 114.5 per cent year-on-year from N1.6tn in 2023 to N3.4tn in 2024.
Interest income, a major driver of this growth, represented 70 per cent of gross revenue at N2.4tn.
It was learnt that non-interest income contributed N1tn, marking an 87.2 per cent increase due to higher transaction volumes on digital channels and other alternative platforms.
A statement from the holding company on Sunday said its cost-to-income ratio remained stable at 60.8 per cent despite inflationary pressure, while profit before tax saw an 89.6 per cent rise to N558.2bn, and profit after tax rose by 82.8 per cent to N457.7bn.
“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 N41.1tn, up by 54.0 per cent year-to-date, while shareholders’ equity grew by 51.0 per cent to N3.3tn. Customer deposits saw an impressive rise of 45.4 per cent, increasing from N15.3tn in December 2023 to N22.3tn by Q3 2024, while gross loans and advances grew 56.2 per cent, reaching N13.9tn.
“Access Bank continued its strong performance, with both interest and non-interest income contributing significantly to gross earnings. Subsidiaries in the United Kingdom and across Africa performed particularly well, delivering 54.8 per cent of the Banking Group’s profit before tax, an increase of 185.8 per cent 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,” part of the statement read.
In the period under review, the non-banking subsidiaries of Access Holdings, Access ARM Pensions, following a merger with ARM Pensions, now oversees N3.1tn in assets under management. Hydrogen Payments processed N27.5tn in transactions, growing its operating profit by 516 per cent year-on-year to N5.7 billion. Access Insurance Brokers, still in its first year of operations, posted a gross written premium of N8.3bn and a profit before tax of N641m. New entrant Oxygen X Finance, the group’s digital lending subsidiary, reported N2.1bn in operating income and a profit before tax of N412m