Access Holdings' Earnings Surge To N3.4tn, Driven By Interest Income And Strategic Expansion
- Access Holdings' gross earnings surged to N3.4 trillion 2.07 billion in the first nine months of 2024, driven by a 114.5 year-on-year increase in interest income.
- The group's profit before tax grew by 89.6 to N558.2 billion 339.4 million, while total assets rose to N41.1 trillion 24.99 billion, reinforcing its position as Nigeria's largest bank by assets
- Non-banking subsidiaries, including Access ARM Pensions and Hydrogen Payments, posted great growth.
Access Holdings Plc, led by Nigerian banker and investor Aigboje Aig-Imoukhuede, has reported a significant rise in gross earnings, reaching N3.4 trillion 2.07 billion for the first nine months of 2024. This marks a 114.5-percent year-on-year increase, up from N1.6 trillion 973.1 million during the same period in 2023. The strong growth was primarily driven by a surge in interest income and strategic expansion across banking and non-banking subsidiaries.
Interest income fuels strong growth
Access Holdings, the parent company of Access Bank, attributed much of its success to rising interest income, which made up 70 percent of gross revenue, amounting to N2.4 trillion 1.46 billion. Non-interest income also saw a substantial increase, contributing N1 trillion 608.1 million to the groups revenue, an 87.2-percent rise from the previous year. The increase was largely driven by higher transaction volumes across digital platforms and alternative channels, highlighting the group's successful pivot towards digitalization and financial technology.
The companys diversified growth strategy has delivered robust results despite inflationary pressures, maintaining a stable cost-to-income ratio of 60.8 percent.
Strong profit growth and asset expansion