Access Holdings Plc has reported a pre-tax profit of N867 billion for the full year ended December 31, 2024.
This represents an 18.9 percent increase from the N729 billion posted in 2023.
The performance was driven by robust growth in interest income and expansion across its banking and non-banking subsidiaries.
The group’s interest income surged to N3.1 trillion from N1.56 trillion in the previous year as Nigerian banks continued to benefit from the elevated interest rate environment.
However, interest expense also rose sharply by 130.6 percent to N2.21 trillion from N958 billion on the back of rising cost of funds.
Despite this, Access Holdings recorded a net interest income of N1.26 trillion, up 81.2 percent from N695 billion in 2023.
The group also posted fee and commission income of N514 billion, a 85 percent increase from N277 billion a year earlier.
Profit after tax stood at N642.2 billion compared to N619.3 billion in 2023, indicating a modest 3.69 percent year-on-year growth.
The group’s total assets rose significantly by 55.6 percent to N41.4 trillion from N26.6 trillion at the beginning of the year.
Access Holdings’ investment securities portfolio more than doubled to N11.3 trillion, reflecting a 113.2 percent growth driven largely by a 98.4 percent increase in its treasury bills holding, which rose to N3.8 trillion from N1.94 trillion.
Net foreign exchange gains stood at N288 billion in 2024 compared to N17.2 billion recorded in 2023 as the group leveraged market volatility and currency fluctuations to its advantage.
The group’s non-banking subsidiaries delivered strong performance in their first full operational year. Hydrogen Payments grew its operating profit by 380.7 percent to N10 billion from N2.08 billion.
Access Insurance Brokers reported an operating profit of N1.02 billion and a post-tax profit of N747 million.
Oxygen X Finance, the group’s digital lending arm, reported N4.05 billion in operating income and N631 million in after-tax profit.
Access Holdings also successfully completed its rights issue, raising N351.009 billion through the issuance of 17.77 billion ordinary shares at N19.75 per share.
The offer was approved by both the Central Bank of Nigeria and the Securities and Exchange Commission.
International operations contributed to group earnings with solid results from subsidiaries in the UK and other African markets. However, Access Bank Mozambique, Access Bank Kenya and Access Bank South Africa posted losses in the review year.
The group recently expanded its footprint in East Africa with the acquisition of National Bank of Kenya from KCB Group as part of its strategic push to consolidate presence in key regional markets.
Access Holdings closed trading on April 15 at N21.4 per share on the Nigerian Exchange.
The group stated it remains focused on driving profitability through diversification, strengthening capital buffers and expanding across high-growth markets.
