Access Holdings Plc, a leading financial institution in Africa, has reported robust financial results for Q3 2024, demonstrating its commitment to sustainable growth and delivering solid returns for shareholders. The Group's unaudited results for the nine months ending September 30, 2024, reveal a notable revenue increase, with gross revenue growing by 114.5% year-on-year to ₦3.4 trillion, up from ₦1.6 trillion in 2023.
FINANCIAL HIGHLIGHTS:
Interest Income: Major driver, contributing ₦2.4 trillion (70% of gross revenue).
Non-Interest Income: Up by 87.2% to ₦1.0 trillion, boosted by increased digital and alternative channel transactions.
Profit Metrics: Profit before tax rose by 89.6% to ₦558.2 billion, while profit after tax climbed 82.8% to ₦457.7 billion.
Returns: Annualised return on equity reached 22.2%, with earnings per share at ₦12.40.
Assets and Deposits: Total assets surged by 54% year-to-date to ₦41.1 trillion, customer deposits grew by 45.4% to ₦22.3 trillion, and loans and advances increased by 56.2% to ₦13.9 trillion.
Access Holdings' performance was bolstered by strong contributions from both banking and non-banking subsidiaries. Subsidiaries in the UK and Africa contributed significantly to the Banking Group’s profit before tax, generating 54.8% of total earnings.
SUBSIDIARY HIGHLIGHTS:
Access ARM Pensions: Now managing ₦3.1 trillion in assets following a merger.
Hydrogen Payments: Processed ₦27.5 trillion in transactions, with a 516% year-on-year rise in operating profit.
Access Insurance Brokers: First-year operations delivered a gross written premium of ₦8.3 billion and a profit before tax of ₦641 million.
Oxygen X Finance: The Group's digital lending arm reported ₦2.1 billion in operating income and ₦412 million profit before tax.
Looking forward, Access Holdings remains focused on expanding revenue streams, supporting sustainable operations through environmental, social, and governance (ESG) initiatives, and fostering a culture of innovation and excellence for long-term shareholder value.