Aig-imoukhuede Leads Access Holdings To 400 Million Profit

Access Holdings posted a 400 million profit in 2024, driven by rising interest income, non-interest revenue growth, and disciplined cost management.

Assets surged 55.5 percent to 25.85 billion, reinforcing Access Holdings lead as Nigerias largest bank by assets, outpacing key rivals GTCO and Zenith Bank.

Under Aigboje Aig-Imoukhuede, the group advanced pan-African growth, securing Kenyan regulatory nod while navigating Nigerias pause on new acquisitions.

Access Holdings Plc, the financial services giant chaired by Nigerian banker and investor Aigboje Aig-Imoukhuede, delivered a resilient performance in 2024, posting a profit north of 400 million despite challenging macroeconomic headwinds across its operating markets.

According to its recently published consolidated report , the groups net profit rose 3.7 percent year-on-year to N642.32 billion 400.07 million from N619.32 billion 385.75 million reported in 2023. The profit rise stemmed from higher interest income, stronger non-interest revenue, strict cost control, and loan growth underscoring Access Holdings resilience amid currency swings and regulatory shifts

Additionally, total comprehensive income soared 20.02 percent year-on-year from N1.03 trillion642.53 million to N1.24 trillion 771.19 million, buoyed by strong other comprehensive income contributions. Access Holdings maintained solid capital buffers, while its ratio of impaired loans to gross risk assets slightly improved to 2.76 percent, underscoring prudent credit risk management across its lending portfolio.

Access Holdings closed the year with total assets of N41.5 trillion 25.85 billion, marking a sharp 55.5-percent increase from N26.69 trillion 16.5 billion at the end of 2023. The asset expansion reinforced its position as Nigerias largest bank by assets, surpassing close rivals Guaranty Trust Holding Company GTCO and Zenith Bank.

Shareholders equity also posted robust growth, climbing 72.04 percent to N3.76 trillion 2.34 billion, compared to N2.19 trillion 1.36 billion the previous year. Retained earnings swelled by 60.04 percent, reaching N1.14 trillion 713.14 million, up from N715.13 billion 443.6 million.