Q3’24: Access Holdings’ Gross Revenue Jumps 114.5% To N3.4trn

Gross revenue of Access Holdings Plc jumped extraordinarily by 114.5 per cent in nine months to a whopping N3.4trillion, up from N1.6trillion in corresponding period in 2023.

The Tier 1 lender’s unaudited results for the third quarter (Q3) ended September 30, 2024, showed Interest income, a major driver of the Group’s revenue growth, surged by 128.7 per cent y/y to N2.40 trillion, marking the largest print across the sector.

The stellar growth in the group’s core income was supported by the prevailing interest rate environment and the rise in the group’s earning assets (+69.4% YTD to N29.34 trillion).

Non-interest income contributed N1.0 trillion, marking an 87.2 per cent increase due to higher transaction volumes on digital channels and other alternative platforms.

The financial result filed on the Nigerian Exchange NGX) on Monday further showed cost-to-income ratio stable at 60.8 per cent while profit before tax saw an 89.6 per cent rise to N558.2billion, just as profit after tax rose 82.8 per cent to N457.7 billion.

Although the Group’s loans and advances to customers have grown by 47.6 per cent year-to-date to N11.86 trillion yet non-performing loan (NPL) ratio has remained steady (2023FY: 2.8 per cent | H1-24: 2.7 per cent | sector: 4.5%) despite higher riskweighted assets caused by the depreciation of the naira and the challenging macroeconomic landscape.

This indicates the Holdco’s disciplined approach to risk management and proactive credit monitoring. Also, the group’s capital adequacy ratio (CAR) remained strong, with a CAR of 19.7 per cent as of H1-24, indicating stability.

The Group’s total assets surged to N41.1trillion, up 54.0 per cent year-to-date (YTD), while shareholders’ equity grew by 51.0 per cent to N3.3trillion.