Access Holdings Plc has announced that its gross revenue increased to ₦3.4 trillion in the third quarter of 2024.
Access Holdings disclosed this via its unaudited results for the third quarter which ended on September 30, 2024.
The company, in the results made available to The Star on Sunday, November 3, said its gross revenue for the nine-month period rose by 114.5% year-on-year, increasing from N1.6 trillion in 2023 to N3.4 trillion in 2024.
It noted that its interest income, a major driver of the growth, represented 70% of gross revenue at N2.4 trillion, while non-interest income contributed N1.0 trillion, marking an 87.2% increase due to higher transaction volumes on digital channels and other alternative platforms.
Access Holdings said despite inflationary pressures, the cost-to-income ratio remained stable at 60.8%, while profit before tax saw an 89.6% rise to N558.2 billion, adding that the profit after tax rose 82.8% to N457.7 billion.
According to the company, the robust performance translated to an annualised return on equity of 22.2%, with earnings per share up to N12.40.
Access Holdings further disclosed that its total assets surged to N41.1 trillion, up by 54.0% year-to-date, while shareholders’ equity grew by 51.0% to N3.3 trillion.
Access Holdings said the customer deposits also saw an impressive rise of 45.4%, increasing from N15.3 trillion in December 2023 to N22.3 trillion by Q3 2024, while gross loans and advances grew 56.2%, reaching N13.9 trillion.
Access Holdings generates N2.2trn revenue in 6 months
The company stated that its subsidiaries (Access Bank) in the United Kingdom and across Africa performed well, delivering 54.8% of the banking group’s profit before tax, an increase of 185.8% year-on-year.
Access Holdings said its non-banking subsidiaries also delivered consistent growth, noting that Access ARM Pensions, following a merger with ARM Pensions, now oversees N3.1 trillion in assets under management.
It said Hydrogen Payments processed N27.5 trillion in transactions, growing its operating profit by 516% year-on-year to N5.7 billion.
It added that Access Insurance Brokers, still in its first year of operations, recorded a gross written premium of N8.3 billion and a profit before tax of N641 million.
Access Holdings disclosed that new entrant Oxygen X Finance, the company’s digital lending subsidiary, reported N2.1 billion in operating income and a profit before tax of N412 million.
The company, therefore, reiterated its commitment to “advancing sustainability, embedding environmental, social, and governance principles into its operations to foster positive community impact.”
“Through ongoing investments in employee development, Access Holdings is building a culture of innovation and excellence, further positioning the group as a driver of long-term value for its shareholders,” it stated.
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