Tag: Access Holdings

Investors in Access Holdings Plc could realize more than a double return on their investments over the next 12 months.

Analysts at CardinalStone Group said they were placing a “buy” recommendation on Access Holdings because of the group’s improved earnings prospects, stronger balance sheet fundamentals, and a more favourable macroeconomic environment.

Analysts revised their 12-month target price for Access Holdings upward to N42.29, representing a potential 104.3 per cent gain on the current market price of about N20.70.

According to the earnings outlook report, the upward revision reflected moderately improved medium-term earnings expectations for Access Holdings, supported by deliberate cost-management measures, stronger fee-income performance, and sustained traction in retail and SME-driven low-cost deposits.

Analysts also highlighted the potential reinstatement of Nigeria on the FTSE Russell Frontier Market Index, which previously tracked Access Holdings, a move that could boost investor sentiment.

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The report noted that despite pressures from elevated impairments in 2025, Access Holdings is projected to close the financial year with a profit after tax of N646.6 billion, a slight increase and consistent with its two-year earnings trend.

CardinalStone noted that the group’s net profit has averaged N637.9 billion over the past two years, with smoothened growth reflecting the impacts of funding and operating cost pressures.

Analysts said the banking group demonstrated resilience in its core banking operations, achieving improved cost efficiency in the first nine months of 2025.

Interest expense is projected to decline for the first time in five years, a development attributed to Access Holdings’ efforts to deepen its current and savings account base through expanding retail and SME engagement.

This traction supported the growth of net interest income even amid compressing yields driven by monetary policy adjustments in Nigeria and the United States.

CardinalStone expected the group’s net interest margin (NIM) to moderate to 4.5 per cent in the short term but identified several offsetting factors—including an improved funding mix and measured expansion in interest-earning assets—to support stability in the medium term. A 3.7 per cent growth in net interest income is projected for 2026.

The report stated that non-interest income also remains a strong pillar of the group’s performance outlook, noting that with a track record of robust growth in fee and commission income—driven by credit-related fees, electronic banking income, enhanced cross-selling, and growing digital capabilities, the group is expected to see a rebound in non-interest revenue in 2026.

According to the report, Hydrogen, Access Holdings’ payments subsidiary and Oxygen X, the group’s digital consumer-lending platform, are expected to provide incremental support as Access Holdings deepens its digital and trade finance footprint across Africa.

The report noted that on asset quality, Access Holdings has fully exited all forbearance-related exposures and achieved full compliance with single obligor limits. While this process led to elevated impairment charges in 2025, CardinalStone anticipated a 23.1 per cent decline in impairments in 2026, supported by potential recoveries and healthier macroeconomic conditions.

The report also clarified the temporary halt in interim dividend payment, which resulted from a regulatory shortfall in paid-up share capital at the holdings company level after the Central Bank of Nigeria excluded share premium from qualifying capital.

CardinalStone noted that dividend payments could resume in 2026 once Access Holdings completes a capital restructuring or executes a capital raise to cover the N10.9 billion shortfall.

CardinalStone projected a return on average equity (ROAE) of 17.1 per cent in 2026, supported by stronger earnings and improved cost efficiency.

Analysts said with improved valuation metrics, resilient operating fundamentals, and positive macro catalysts on the horizon, the firm maintains a bullish outlook on Access Holdings.

Access Holdings Plc, the parent company of Access Bank, demonstrated resilience and consistency in its third quarter results, with growth in core banking business driving the group to gross earnings of N3.9 trillion within the nine-month period.

Analysis of the third quarter results of Access Holdings for the period ended September 30, 2025 showed that gross earnings rose by 14.1 per cent to N3.9 trillion in third quarter 2025 as against N3.4 trillion in third quarter 2024. Quarter-on-quarter, earnings rose sharply by 56.2 per cent from N2.5 trillion at half-year 2025, showing Access Holdings’ accelerating growth momentum.

The top-line performance was underpinned by sustained improvements in interest income and fees and commission income, an indication that the group’s banking operations remained the foundation of its profitability and market leadership.

Access Holdings’ interest income rose by 21.1 per cent to N2.9 trillion, driven by loan book expansion and disciplined portfolio management. Net interest income jumped 48.9 per cent to N1.3 trillion, reflecting a deliberate focus on higher-yield, quality assets that strengthened portfolio returns.

The group’s fee and commission income grew by 44.3 per cent to N476 billion, fueled by increased transaction volumes and customer activity across digital and payment channels. On a quarter-on-quarter basis, that figure doubled, underscoring the continued vibrancy of Access Bank’s retail and transaction-led franchise, a hallmark of its success across Africa.

Although total non-interest income dipped by 8.1 per cent to N872 billion, the group’s core banking strength offset the moderation, nudging operating income up by 18.8 per cent to N2.13 trillion in third quarter 2023 from N1.8 trillion recorded in comparable period of last year.

The group kept a tight rein on costs, as operating expenses increased only 6.7 per cent to N1.2 trillion. With revenue growth outpacing expenses, the cost-to-income ratio improved to 54.6 per cent from 60.8 per cent in same period last year, highlighting operational efficiency.

Read Also: Access Holdings’ total assets rise to N42.45tr

Also, Access Holdings posted a profit before tax of N616 billion, 10.4 per cent on N558 billion recorded in third quarter 2024. After taxes, net profit stood at N447 billion. Compared with the half-year performance, the rebound in profitability was stronger:  pre-tax profit rose by 91.9 per cent while net profit more than doubled by 107.9 per cent.

With a focus on risk management, impairment on loans rose to N350 billion from N145 billion in third quarter 2024. However, the increase was well-absorbed within earnings strength, reaffirming the resilience of its balance sheet and the quality of its loan portfolio.

Although the group’s return on average equity moderated to 15.4 per cent and return on assets to 1.3 per cent, the overall profitability demonstrated the continuing depth of Access Holdings’ banking operations as the engine driving group performance.

Access Holdings’ balance sheet expanded significantly, with total assets up by 25.8 per cent to N52 trillion in third quarter 2025 from N41.5 trillion recorded at the end of 2024. The growth was driven by customer deposits, which grew 47 per cent to N33.1 trillion, underscoring sustained customer trust.

Loans and advances grew by 19.7 per cent to N15.6 trillion, reflecting prudent credit growth in key sectors. Notably, more than half of consolidated earnings were contributed by non-Nigerian subsidiaries, whose strong performance across multiple African markets offset the macroeconomic and regulatory headwinds experienced in Nigeria.

Further analysis indicated that the geographic diversification remains one of Access Holdings’ greatest strengths, a stabilising force that complements the core banking engine at home. While banking remains the foundation, Access Holdings’ non-banking subsidiaries are increasingly becoming key pillars of growth.

Access-ARM Pensions delivered a 29.9 per cent rise in revenue and 65.1 per cent increase in profit before tax, maintaining a strong 48.1 per cent return on equity.

Hydrogen Payments recorded 40.5 per cent revenue growth and an exceptional 273 per cent surge in profit before tax, processing N41.1 trillion in transactions during the first half of 2025, triple the previous year’s volume.

Access Insurance Brokers sustained rapid expansion with a 125 per cent increase in gross written premiums and 161 per cent rise in profit before tax, while Oxygen X, the group’s digital lending platform, achieved N5.4 billion in revenue and N2.2 billion in profit before tax within its first full year.

These businesses reflect the group’s strategy of building an integrated financial services ecosystem, even though their success continues to be anchored by the scale, trust, and liquidity foundation of Access Bank.

The strong performance across the group aligns with its five-year strategic plan, which prioritizes prudent growth, operational excellence, and digital innovation. Access Holdings continues to deepen its transaction-led income streams, diversify its revenue base, and reinforce risk governance to ensure sustainable profitability.

“Our performance reaffirms the strength of our core banking operations and the resilience of our diversified business model. We remain committed to delivering sustainable value to our shareholders, customers, and communities across all our markets,” the group stated in explanatory notes on the results.

With N52 trillion in assets and N33 trillion in deposits in September 2025, Access Holdings’ outlook is anchored not only on size but also by the strength of its fundamentals. Its steady performance highlights a strategy well-grounded in core banking excellence, supported by expanding non-banking capabilities that provide balance and opportunity.

The third quarter analysis indicated that Access Holdings’ growth story was built on enduring strength; a reflection of disciplined execution, diversified ambition, and a relentless focus on value creation. In an era where many institutions are recalibrating, Access Bank’s core banking strength continues to anchor the group’s growth trajectory, reinforcing its leadership in Africa’s evolving financial landscape.

Access Holdings Plc recorded 14.1 per cent growth to push gross earnings to N3.9 trillion in the third quarter of this year.

Interim report and accounts of Access Holdings for the nine-month period ended September 30, 2025 showed that gross earnings rose from N3.4 trillion in third quarter 2024 to N3.9 trillion in third quarter 2025.

This performance was driven by sustained growth in both interest and fees and commission, reflecting the strength of the Group’s diversified earnings base and improved performance from core operations across its banking and non-banking businesses.

Maintaining the same momentum, gross earnings rose by 56.2% quarter-on-quarter from N2.5trillion as at Half Year (H1) 2025.

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Interest income rose by 21.1% year-on-year to N2.9 trillion in Q3 2025, compared to N2.4 trillion in Q3 2024. Net interest income also increased by 48.9% to N1.3 trillion from N845 billion in the same period. This performance was driven by loan book expansion, reflecting our disciplined risk management approach and a strategic focus towards higher-yielding, quality assets to strengthen portfolio returns.

On a quarter-on-quarter basis, interest income and net interest income grew by 42.1% and 27.8%, respectively, from N2.0 trillion and N984 billion in H1 2025.

There was 44.3% growth in net fee and commission to N476billion in Q3 2025 from N330billion in Q3 2024, reflecting higher transaction volumes and increased customer activity across digital and payment channels across both periods.

On a quarter-on-quarter basis, net fee and commission income also increased by 100.8% from N237billion in H1 2025.

Access Holdings Plc expanded its total asset base to N42.45 trillion in the first half, sustaining its lead as Nigeria’s largest bank by assets.

 Key extracts of the audited report and accounts for the half year-ended June 30, 2025 released at the Nigerian Exchange (NGX) at the weekend showed that total assets rose from N41.5 trillion in December 2024 to N42.45 trillion by June 2025. Customer deposits had risen from N22.52 trillion to N22.90 trillion. Loans and advances increased from N13.07 trillion to N13.21 trillion while shareholders’ funds rose from N3.76 trillion in December 2024 to N3.83 trillion by June 2025.

Profit and loss accounts also showed resilient growths with gross earnings rising by 13.8 per cent to N2.5 trillion in first half 2025 as against N2.2 trillion in first half 2024. Top-line growth was driven by strong growth in interest income which increased by 38.9 per cent to N2.0 trillion in first half 2025 from N1.5 billion in first half 2024.

Net interest income also increased by 91.8 per cent to N984.6 billion in first half 2025 from N513.4 billion in first half 2024. Net fees and commission income also increased by 16.1 per cent to N237.7 billion from N204.7 billion. However, the group bottomline was impacted by impairment charge. Profit before tax stood N320.57 billion in first half 2025 as against N348.92 billion in first half 2024. After taxes, net profit closed first half 2025 at N215.92 billion compared with N281.33 billion in comparable period of 22024.

The report showed that the banking group subsidiaries contributed 65 per cent to the banking group’s profit before tax in first half 2025, highlighting the group’s r journey towards sustainable performance and execution across key African and international markets.

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The group’s  non-banking subsidiaries maintained a strong growth momentum. For Access – ARM Pensions, financial performance was robust, with revenue up 29.9 per cent to N21.0 billion and profit before tax up 65.1 per cent to N13.1 billion. The business delivered ROAE of 48.1 per cent, a cost-to-income ratio of 35.1 per cent, and a pre-tax profit margin of 62.5 per cent, underscoring strong operational efficiency and profitability.

Also, Hydrogen Payments recorded a 40.5 per cent growth in top-line revenue. Profit before tax grew by 273 per cent. The total transaction value processed increased by 211 per cent, reaching N41.1 trillion in first half 2025, up from N13.8 trillion in first half 2024.

 Access Insurance Brokers sustained strong momentum, recording a 125 per cent increase in gross written premium, 146 per cent growth in revenue, and a 161 per cent improvement in profit before tax.

Oxygen X, the group’s digital lending arm, sustained strong momentum since launch in third quarter 2024, delivering N5.4 billion in revenue and N2.2 billion in profit before tax in first half 2025.

The board of Access Holdings stated that the group’ businesses are well-positioned to deepen market penetration, expand product offerings, and leverage cross-sell opportunities across the group to drive continued growth and profitability.

“The group’s focus remains on driving prudent growth and continued execution of its strategic priorities, scaling its digital and transaction-led income streams, increasing revenue diversification, embedding efficiency, innovation, and disciplined portfolio management across all areas of the business. It will also continue to uphold the highest standards of risk and governance discipline to ensure sustainable profitability.

“Access Holdings remains confident that it will continue to deliver sustainable value and returns to its  shareholders. Its long-term objective is to build a stronger, more agile group that consistently delivers superior returns, fosters innovation-driven growth, and optimises portfolio performance to create inclusive value across its markets while reaffirming investor confidence in the strength and future of Access Holdings.

“The group appreciates the continued trust and support of its shareholders, customers, and employees. Together, the Group is building a stronger future,” the board stated.

Access Holdings Plc has the best asset quality among Nigeria’s largest banks, a report has shown.

Proshare’s 2025 Tier 1 Banking Report indicated that Access Holdings has the lowest non-performing loan ratio (NPLR) of 2.76 per cent among Nigeria’s Tier 1 banks.

The report, titled “The Class of 2025: Getting Bigger, Bolder, and Dominant”, showed that Access Holdings maintained a remarkable 2.76 per cent, outperforming Zenith Bank at 3.54 per cent, Guaranty Trust Holdings Company (GTCO) at 4.07 per cent, United Bank for Africa (UBA) at 3.80 percent, Ecobank Transnational Incorporated (ETI) at 6.25 per cent, and FirstHoldco at 6.70 per cent.

The report placed Access Holdings at the forefront of asset quality management among Nigeria’s top banks, reaffirming its reputation for operational discipline amid market volatility.

The report also ranked Access Holdings second overall in the Tier 1 category, placing just behind ETI, which led with a percentile score of 100. Access Holdings followed closely with a 91st percentile ranking, ahead of Zenith Bank at 73 per cent, FirstHoldco at 82 per cent, UBA at 64 percent, and GTCO at 55 per cent.

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Acting Group Chief Executive Officer, Access Holdings Plc, Bolaji Agbede, said the report was not just a measure of the group’s financial health; it reflected the strength of its governance and the quality of its decision-making.

According to him, the report underlined the group’s focus on long-term value creation as well as a reaffirmation of the discipline of its people and the effectiveness of the group’s pan-African strategy.

 “At Access Holdings, we believe that sustainable success lies in balancing growth with resilience. We will continue to execute with precision, build with purpose, and innovate with integrity as we expand our presence across Africa and beyond,” Agbede said.

She added that as Nigeria’s financial sector prepares for a more competitive and integrated future, Access Holdings remains committed to building a stronger, smarter, and more inclusive financial services ecosystem across Africa and beyond.

The 2025 edition of the Proshare Bank Strength Index (PBSI) introduced a recalibrated framework that reflected the realities of the ongoing recapitalisation exercise in Nigeria’s banking sector.

The edition went beyond traditional financial metrics and incorporates broader determinants of profitability, stability, and stakeholder value.

The PBSI model emphasised capital adequacy and scale, asset quality and sustainable growth, digital transformation and earnings diversification, governance quality and board diversity, as well as profitability and cost-efficiency.

Access Holdings demonstrated strong fundamentals across all these parameters. It closed 2024 with total assets of N41.5 trillion and a loan book of N13.1 trillion. The group’s capital adequacy ratio stood at 20.46 per cent, while asset growth for the period reached 55.49 per cent. Its cost of risk was held at 1.25 per cent, net interest margin recorded at 6.80 per cent, and earnings growth was an impressive 88.05 per cent, all indicators of a business built on financial soundness and execution excellence.

Speaking at the launch of the report, Olufemi Awoyemi, Chairman of Proshare, described the report as a vital mirror into the shifting dynamics of Nigeria’s financial services industry.

He said: “Access Holdings has proven itself as a strong, adaptive institution. Its robust capital base, successful fundraising, and continental expansion efforts show a group that is not only growing but evolving. As recapitalisation reshapes the banking landscape, institutions like Access Holdings will continue to define the future of finance in Africa”.

He explained that ETI remains a unique case due to its pan-African structure and relatively limited regulatory exposure within Nigeria.

According to him, unlike Access Holdings and other locally regulated groups that must meet the N500 billion recapitalisation threshold, ETI’s broad regional footprint dilutes its local obligations. That distinction must be made when interpreting rankings.

The report concluded that the Class of 2025,  particularly Access Holdings, Zenith, UBA, FirstHoldco, GTCO, and ETI, dominate the banking landscape in terms of capital strength, asset size, loan portfolios, and governance quality. However, Access Holdings stands out for its unique blend of low risk, high growth, and strategic foresight, making it not just a leader in numbers but a frontrunner in shaping the future of African banking.

As global financial fraud surges to over $485 billion in annual losses, Access Holdings PLC is setting a new standard in Africa’s banking industry through aggressive and strategic investment in technology aimed at combating the growing threat. With Nigeria’s financial sector experiencing a spike in digital fraud, particularly through mobile and online channels, Access Holdings has emerged as a front-runner in fraud prevention through innovation.

In 2024, Access Holdings, the parent company of Access Bank, recorded a landmark N193.5 billion ($120.5 million) in technology investments, a 147% increase over the previous year and the highest IT spend in Nigeria’s banking industry. This bold move has paid off significantly. The Group reported a 73% drop in fraud-related losses, falling from N6.15 billion in 2023 to just N1.64 billion in 2024.

“Our customers’ trust is our most valuable asset,” said Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc. “In a world of rising digital risks, we have chosen to lead with innovation and resilience.

Our sustained investment in cybersecurity, AI-driven fraud detection, and biometric authentication is delivering real results, and reinforcing confidence in our digital banking platforms.”

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Globally, banks like JPMorgan Chase are increasing technology budgets to combat fraud, with a record $17 billion in 2024. Nigeria is not left behind. Among local peers, Access Holdings has demonstrated the strongest correlation between strategic tech spending and measurable fraud reduction.

Access Holdings’ investments include AI-driven transaction monitoring, biometric verification systems, enhanced core banking upgrades, and real-time fraud analytics, all designed to detect and respond to threats with speed and precision.

While digital innovation is expanding access to banking, it has also exposed customers and institutions to evolving threats. According to Nigeria Inter-Bank Settlement System (NIBSS) data, fraud incidents in the country jumped 112% from 2019 to 2023, underscoring the urgent need for systemic countermeasures.

Access Holdings’ proactive stance not only affirms its leadership in Nigeria’s digital banking landscape but also offers a compelling model for financial institutions across Africa looking to secure trust in an increasingly digital world.

• Shareholders get N125.3b dividends

The board of Access Holdings Plc yesterday laid out top priorities that will drive the financial services group’s business growth strategy over the next three years with an assurance to deliver higher returns to shareholders.

At the annual general meeting yesterday in Lagos, directors of Access Holdings said the group would seek further expansions in Africa and beyond while leveraging innovative services and products to continuously expand its customers’ base.

The group would also focus on cost optimization by ensuring that its size deliver higher values through synergies across the businesses.

The board assured shareholders that with the successful completion of its recapitalisation and emergence as the first Nigerian commercial bank to meet the new minimum capital base, Access Holdings remains focused on its vision of being the leading African financial services company.

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The assurance came as shareholders approved total dividend payout of N125.29 billion for the 2024 business year, representing a dividend per share of N2.50. This included a final dividend of N2.05 in addition to an interim dividend of 45 kobo per share.

Chairman, Access Holdings Plc, Aigboje Aig-Imoukhuede said the group’s business imperatives over the next few years  consolidation of geographical expansion, cost optimisation, innovation as a strategic enabler for new ventures, and investment management.

According to him, these priorities, outlined in the group’s 2023-2027 business strategy would position the group as a leader in the African financial services sector.

He stressed the need to maintain a forward-looking approach that would enable the bank navigate the complexities of the financial landscape.

He noted that these strategic moves are critical towards ensuring that Access Holdings remains at the forefront of the industry, delivering strong financial performance while adapting to market trends and policy shifts.

He pointed out that the group’s 2024 financial performance collectively reinforced the fact that the group is not only a well-capitalised financial group but also one that is structurally positioned to scale sustainably, adapt to policy dynamics, and continue delivering long-term value to shareholders

According to him, the financial performance of Access Holdings in 2024 underscores the underlying strength of the group’s balance sheet and resilience.

He said: “Central to this success was our landmark capital raising programme, through which we raised N351 billion through a rights issue. This strategic initiative made Access Bank the first Nigerian bank to meet the new N500 billion minimum capital requirement set by the Central Bank of Nigeria well ahead of the 2026 deadline”.

He noted that the rights issue significantly strengthened the company’s capital base, increasing its shareholders’ funds to N4.76 trillion.

He explained that the 2024 financial year ended with total assets of N14.498 trillion, an increase of 55.5 per cent, which reaffirmed the company’s position as the largest financial company in Nigeria by asset size.

He said: “This strength in our balance sheet serves as the foundation upon which we are executing our ambitious long-term growth strategy”.

Acting Group Chief Executive Officer, Access Holdings Plc, Mrs Bolaji Agbede said the group would continue to work to improve shareholders’ value.

Agbede said the group would consider shareholders’ request for an interim dividend of N1 in the course of the year.

“We will look into delivering a N1 interim dividend in the course of the year, and we are counting on you to sell the Access brand to generate the revenue needed,” Agbede aid.

She explained that the group has continued to impact people across the country under its sustainability project.

Managing Director, Access Bank Plc, Mr. Roosevelt Ogbonna said the 2024 performance reflected the strength of its business model, the resilience of its operations and unwavering focus on long-term value creation for shareholders.

He disclosed that African and international subsidiaries achieved a 117.4 per cent growth in total assets and contributed 42.5 per cent to the banking group’s consolidated total assets in 2024.

“As part of our long—term strategy to position Access Bank as Africa’s gateway to global markets, we have expanded into key international financial hubs such as Hong Kong and Malta, enhancing our trade finance infrastructure and reinforcing cross-border connectivity between Africa and the rest of the world,” Ogbonna said.

According to him, as Access Bank advanced into the third year of five-year strategic cycle, its strategy remained sharply focused on transformation to a global financial institution with African origin, delivering impact across the communities its served.

He said: “Our key growth priorities for 2025 are centred on achieving scale, enhancing regional influence, and embedding long-term resilience into our operating model. These priorities encompass: strategic expansion beyond Africa, wholesale banking synergies, global subsidiary enablement, talent-driven global execution, and technology as growth platform”.

Shareholders commended the group for its resilient performance.

President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said Access Holdings has endeared itself to shareholders because of its consistent growth and returns.

He reiterated the support of shareholders for the group’s strategic growth plan, citing the success of the rights issue.

Chairman, Ibadan Zone Shareholders Association of Nigeria, Eric Akinduro urged the bank to prioritise cybersecurity to protect its digital operations against potential threats.

National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude underscored the need for long-term business sustainability.

According to him, shareholders proritise security of their investments in an increasingly digital and interconnected financial ecosystem.

National Coordinator, Progressive Shareholders Association, Mr Boniface Okezie  commended the financial result of the company, describing it as an exceptional performance.

He, however, urged the company to look into reducing costs, with a specific focus on the money paid to the Asset Management Corporation of Nigeria (AMCON) and the Nigeria Deposit Insurance Corporation (NDIC).

Managing Director, Highcap Securities, Mr. David Adonri said there were still concerns around sustainability of the disinflation.

According to him, the reduction in the inflation rate may not generate much enthusiasm because Nigerians still face considerable high costs of living.

He outlined that continuing security challenges, global crude oil volatility and levy being planned by the US Congress on foreign remittances are considerable concerns.

• Balance sheet hits N41.1 trillion

Access Holdings Plc doubled gross earnings to N3.4 trillion in the third quarter, riding on the back of impressive growths in customers’ deposits and expansions across business segments.

Key extracts of the interim report and accounts for the nine-month period ended September 30, 2024 showed that gross earnings rose by 114.5 per cent from N1.6 trillion in third quarter 2023 to N3.4 trillion in third quarter 2024.

The top-line growth was driven by broad improvements across business operations. Core banking income- interest income, represented 70 per cent of gross revenue at N2.4 trillion. Non-interest income contributed N1.0 trillion, marking 87.2 per cent increase due to higher transaction volumes on digital channels and other alternative platforms.

Profit before tax jumped by 89.6 per cent to N558.2 billion while profit after tax increased by 82.8 per cent to N457.7 billion. This implied annualised return on equity of 22.2 per cent, with earnings per share up to N12.40.

The report showed that Access Holdings reported significant gains across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers.

Group’s total assets leapt by 54 per cent to N41.1 trillion by September 2024 as against N26.69 trillion recorded in December 2023. Shareholders’ funds also rose by 51 per cent from N2.19 trillion to N3.3 trillion. Customer deposits grew by 45.4 per cent from N15.3 trillion in December 2023 to N22.3 trillion by September 2024. Gross loans and advances also rose by 56.2 per cent to N13.9 trillion in September compared with N8.9 trillion in December 2023. Despite inflationary pressures, the cost-to-income ratio remained stable at 60.8 per cent.

Also, subsidiaries in the United Kingdom and across Africa performed particularly well, delivering 54.8 per cent of the banking group’s profit before tax, an increase of 185.8 per cent over the comparable period of 2023.

Read Also: Access Holdings extends period for N351b rights issue

The non-banking subsidiaries of Access Holdings also delivered consistent growth. Access ARM Pensions, following a merger with ARM Pensions, now oversees N3.1 trillion in assets under management. Hydrogen Payments processed N27.5 trillion in transactions, growing its operating profit by 516 per cent to N5.7 billion compared to the previous year. Access Insurance Brokers, still in its first year of operations, posted a gross written premium of N8.3 billion and a profit before tax of N641 million. New entrant, Oxygen X Finance, the group’s digital lending subsidiary, reported N2.1 billion in operating income and a profit before tax of N412 million.

The management of Access Holdings reiterated its focus on enhancing profitability through diversified revenue streams across all markets.

“The group is deeply committed to advancing sustainability, embedding environmental, social, and governance principles into its operations to foster positive community impact. Through ongoing investments in employee development, Access Holdings is building a culture of innovation and excellence, further positioning the group as a driver of long-term value for its shareholders.

“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,” Access Holdings stated.

ART X Lagos, an international art fair, presented the Access ART X Prize Alumni Impact Award at its VIP Preview to Etinosa Yvonne, an artist whose work reflects boldness, creativity, and dedication to social discourse.

Speaking after receiving the award, the artist shared their gratitude, stating: “I am pleased to be the recipient of the Access ART X Prize Alumni Impact Award. The award shows that Access Holdings and ART X are genuinely interested and deeply committed to contributing and sustaining the growth and development of artists at any stage of their career”.

“The Nigerian creative economy remains largely untapped. I strongly believe that this award will inspire and encourage public and private institutions in Nigeria to be more intentional about investing, participating and promoting not just Nigerian arts but Nigerian artists in order to bolster our creative economy.”

During the VIP Preview, Managing Director, Access Bank Plc, Roosevelt Ogbonna, shared that, “At Access, we believe empowerment is the cornerstone of progress, and this belief extends well beyond the financial sector. By supporting ART X Lagos and initiatives like the Access ART X Prize, we seek to cultivate an enduring, dynamic art ecosystem across Africa, where creativity thrives, and cultural impact is amplified.”

“This year, through the special Alumni Impact Award, we celebrate not only the outstanding achievements of past Access ART X Prize winners but also their dedication to bringing African narratives to the forefront of global conversations,” Ogbonna added.

In alignment with ART X Lagos’ 2024 theme, “Promised Lands,” the Alumni Impact Award reinforces the fair’s dedication to creating sustained artistic growth across the African continent. This year’s theme embodies a vision of hope, freedom, and new possibilities—an ideal backdrop for honouring the progress of past Prize winners whose influential contributions resonate both locally and globally. The Alumni Impact Award celebrates these artists’ journeys and the transformative power of their voices in shaping contemporary African art.

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“The Access ART X Prize Alumni Impact Award embodies our pledge to supporting artists at every stage of their careers” said Tokini Peterside-Schwebig, Founder of ART X Lagos. “By celebrating our past winners and recognizing their continued growth, we reaffirm ART X Lagos’ dedication to driving innovation, social engagement, and long-term impact within the African art community. Our hope is to inspire the next generation to pursue their creative journeys with the same passion and resilience.”

This special award within the Access ART X Prize program celebrates the remarkable achievements of past winners who continue to innovate and shape the African art landscape. Since its inception in 2016, the Access ART X Prize has become one of Africa’s most prestigious platforms for emerging artists, championing creative excellence and cultivating a lasting impact on the global stage.

As a proud sponsor of the Access ART X Prize, Access Holdings has been instrumental in supporting sustainability in the African arts sphere, helping drive long-term positive change in the ecosystem. The Group’s partnership with ART X Lagos aligns with its vision of creating a vibrant and inclusive cultural landscape, highlighting the essential role of art in driving social progress and creativity across Africa.

Since its launch, the Access ART X Prize has identified and elevated emerging talents in Nigeria and, more recently, expanded its reach to the African diaspora, widening its impact and scope. Each winner has not only made significant strides in their artistic practice but has also engaged with critical social issues and narratives shaping the continent today. This inaugural Alumni Impact Award honours one past winner whose artistic journey exemplifies the Prize’s mission of continuous growth and cultural resonance.

As ART X Lagos celebrates the journeys of its past winners, it acknowledges their collective impact and aims to inspire future generations of African artists to pursue excellence and social engagement. The remarkable achievements of these artists reinforce the strength of African creativity and its power to shape and define a globally relevant future.