Access Holdings has announced a modest increase in its after-tax profit, reaching ₦642.2 billion for the full year ending December 31, 2024.
This represents a 3.69% year-on-year growth from the ₦619.3 billion recorded in 2023, as Nigerian banks continue to benefit from the country’s high-interest rate environment.
Key Highlights:
- Pre-Tax Profit: The group’s pre-tax profit rose by 18.9%, hitting ₦867 billion, compared to ₦729 billion in the previous year.
- Interest Income: Access Holdings recorded a 55.6% growth in total assets, now valued at ₦41.4 trillion, up from ₦26.6 trillion at the start of the year. Interest income surged to ₦3.1 trillion, marking a significant increase from ₦1.56 trillion.
- Net Interest Income: The group achieved a net interest income of ₦1.26 trillion, reflecting an 81.2% growth from ₦695 billion in 2023.
- Fee and Commission Income: Access Holdings posted ₦514 billion in fee and commission income, an 85% increase from the ₦277 billion reported in 2023.
- Foreign Exchange Gains: The group also recorded net foreign exchange gains of ₦288 billion, a substantial rise from ₦17.2 billion in 2023.