November 04, (THEWILL) – This Access Holdings Plc has announced its unaudited results for the third quarter ended September 30, 2024.
The financial results highlight the group’s continued growth, emphasising resilience and sustainable performance as the group works to deliver returns for its shareholders.
Gross revenue for the nine-month period rose by 114.5 percent, year-on-year, climbing from N1.6 trillion in 2023 to N3.4 trillion in 2024.
Interest income, a major driver of this growth, represented 70 percent of gross revenue at N2.4 trillion, while non-interest income contributed N1.0 trillion, marking an 87.2 percent increase due to higher transaction volumes on digital channels and other alternative platforms.
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, and profit after tax rose 82.8% to N457.7 billion. This robust performance translated to an annualised return on equity of 22.2%, with earnings per share up to N12.40.
Access Holdings reported significant gains in Q3 2024, driven by strong performance across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers.
The group’s total assets surged to N41.1 trillion, up by 54.0 percent, year-to-date, while shareholders’ equity grew by 51.0 percent to N3.3 trillion. Customer deposits saw an impressive rise of 45.4 percent, increasing from N15.3 trillion in December 2023 to N22.3 trillion by Q3 2024, while gross loans and advances grew 56.2 per cent, reaching N13.9 trillion.
Access Bank continued its strong performance, with both interest and non-interest income contributing significantly to gross earnings. Subsidiaries in the UK and across Africa performed particularly well, delivering 54.8% of the Banking Group’s profit before tax, an increase of 185.8% year-on-year. The Group remains committed to expanding its footprint by offering tailored banking solutions in each region, enhancing customer experience, and advancing cross-border banking capabilities.
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