. As profit after tax jumps to N547.7bn
Access Holdings Plc, the umbrella company of Access Bank, has announced a 114.5 per cent revenue growth in its unaudited results for the third quarter ended September 30, 2024.
According to the results,
gross revenue for the nine-month period rose by 114.5% year-on-year, growing from ₦1.6 trillion in 2023 to ₦3.4 trillion in 2024.
Interest income, which is a major driver of the growth, at N2.4 trillion, represented 70 per cent of gross revenue while non-interest income contributed ₦1.0 trillion.
This is a 87.2 per cent increase from the previous years due to higher transaction volumes on digital channels and other alternative platforms. 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.
Generally, Access Holdings recorded significant gains in Q3 2024. This growth was driven by strong performance across its banking and non-banking subsidiaries. They include Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers.
The Group’s total assets surged to ₦41.1 trillion, up by 54.0% year-to-date, while shareholders’ equity grew by 51.0% to ₦3.3 trillion. 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.
Interest and non-interest income contributed significantly to gross earnings even as subsidiaries in the UK and across Africa performed particularly well, delivering 54.8% of the Group’s profit before tax, an increase of 185.8% year-on-year.
Access bank 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 Group also announced that non-banking subsidiaries also delivered consistent growth as 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.
