Access Holdings Plc, one of Africa’s leading financial services groups, has released its unaudited financial results for the third quarter ending September 30, 2024, showcasing significant growth across its banking and non-banking subsidiaries. The group reported a 114.5% increase in gross revenue year-on-year, reaching ₦3.4 trillion, up from ₦1.6 trillion in 2023.

Interest income, which comprised 70% of gross revenue, stood at ₦2.4 trillion, while non-interest income grew to ₦1.0 trillion, driven by increased transaction volumes on digital platforms. Despite inflation, Access Holdings maintained a stable cost-to-income ratio of 60.8%. Profit before tax rose by 89.6% to ₦558.2 billion, and profit after tax increased by 82.8% to ₦457.7 billion, resulting in an annualized return on equity of 22.2% and earnings per share of ₦12.40.

The group’s total assets surged by 54% year-to-date to ₦41.1 trillion, with shareholders’ equity up by 51% to ₦3.3 trillion. Customer deposits rose by 45.4%, from ₦15.3 trillion in December 2023 to ₦22.3 trillion in Q3 2024. The company’s gross loans and advances reached ₦13.9 trillion, marking a 56.2% growth.

Subsidiaries like Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers contributed to the robust performance. Access ARM Pensions now manages ₦3.1 trillion in assets following a merger with ARM Pensions. Hydrogen Payments processed transactions worth ₦27.5 trillion, achieving a 516% year-on-year increase in operating profit to ₦5.7 billion. Access Insurance Brokers posted a gross premium of ₦8.3 billion and a profit before tax of ₦641 million, while Oxygen X Finance, a new digital lending entity, reported ₦2.1 billion in operating income.

Access Bank’s overseas subsidiaries, particularly in the UK and Africa, accounted for 54.8% of the Banking Group’s profit before tax, reflecting a 185.8% year-on-year increase. Access Holdings aims to strengthen its market position through a diversified service portfolio, focusing on customer experience and cross-border banking.

Looking ahead, the group plans to drive growth through sustainable practices, embedding environmental, social, and governance (ESG) principles, and fostering positive community impact. Access Holdings continues to prioritize employee development, further establishing itself as a leader in the African financial services sector.

Access Holdings PLC, headquartered in Lagos, Nigeria, is a multinational financial services group offering banking, lending, payment, insurance, and asset management services. Operating across 23 countries with over 700 branches and serving 60+ million customers, the company has transformed into a holding entity to enhance growth and create a holistic ecosystem. Established in 2022, Access Holdings consists of the Access Bank Group, Access Pensions, a Payment and Switching Services Company, a Digital Lending Company, and an Insurance Brokerage Company, driving sustainable growth for customers and shareholders alike.