Access Holdings Releases Performance Breakdown in 9 Months, Revenue, Customer Deposits Hit New High

• Access Holding Plc has announced a revenue of over N3 trillion in the first 9 months of this year
• The Access Bank parent company also reported that its pre-tax profit during the nine months increased by 89.6%
• The analyst has provided insight into the performance of Access Bank amid a challenging economic environment

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Access Holdings Plc, the parent company of Access Bank, has reported a gross revenue of N3.4 trillion in 2024.

This represents a 114.5% increase from the N1.6 trillion in nine months of 2023

Breakdown of the banks' performance

Access Holdings' unaudited results for the third quarter (Q3) showed strong growth with gains across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers.

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Interest income is 70% of gross revenue (N2.4 trillion), and non-interest income is up 87.2% to N1 trillion due to increased digital transactions. BusinessDay reports.

The cost-to-income ratio remained steady at 60.8% despite inflation pressures.

Profit before tax rose 89.6% to N558.2 billion, and profit after tax increased 82.8% to N457.7 billion.

Total assets climbed 54% year-to-date to N41.1 trillion, while shareholders’ equity grew 51% to N3.3 trillion.

Customer deposits rose 45.4% from N15.3 trillion to N22.3 trillion, and gross loans expanded by 56.2% to N13.9 trillion.

Expert speaks

Reacting to the result, Gilbert Ayoola explained that Access Bank showcased remarkable growth across its financial metrics, reflecting strong operational efficiency and strategic positioning in the market.

He said:

"The resilience in profitability metrics, despite minor dips in PBT, reflects the operational strength and strategic direction of Access Holdings as it navigates a challenging economic landscape."

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Access Bank closing in on deal to buy another bank

Legit.ng earlier reported that Access Bank, one of Nigeria's leading financial institutions, is on the verge of completing the takeover of the National Bank of Kenya (NBK) subject to regulatory approval from the Central Bank of Kenya (CBK) and the Competitions Authority of Kenya (CAK).

Access Bank and KCB Group, the owner of NBK in March 2024, signed a binding agreement for the acquisition, which is 1.25x of the National Bank of Kenya's book value.

Source: Legit.ng