Access Holdings Plc has announced a profit after tax of N642 billion for the full year ending December 31, 2024, marking a 3.7 percent increase from the N619.32 billion posted in 2023.
In its latest audited financial statement, the group revealed a strong year-on-year performance with gross earnings rising by 88 percent. The earnings jumped from N2.594 trillion in 2023 to N4.878 trillion in 2024. This growth was largely driven by a significant increase in both interest and non-interest income. Interest income grew by 110 percent to N3.480 trillion, while non-interest income rose by 47.8 percent to N1.397 trillion.
Access Holdings attributed this performance to its broad income base, strong retail banking operations, digital expansion, and a flexible trading strategy. Profit before tax rose by 19 percent to N867 billion, while profit after tax climbed to N642.2 billion, despite economic challenges like inflation and a tough macroeconomic environment.
The group also reported a 55.5 percent growth in total assets, reaching N41.498 trillion in 2024. Customer deposits increased by 47 percent to N22.525 trillion. Shareholders’ funds also saw significant improvement, rising by 72 percent to N3.76 trillion.
In terms of sustainability, Access Holdings said it made strong progress through various economic, social, and governance (ESG) efforts. These include facilitating $437.42 million in development finance inflows to support micro, small, and medium-sized enterprises (MSMEs) across Africa, disbursing 1.6 million digital loans to low-income earners, and issuing its first N1.4 billion diaspora mortgage loan.
The group also recorded environmental achievements, such as a 13.4 percent reduction in operational emissions, planting 57,302 trees, and supporting the adoption of solar power for 226 homes and businesses. Its headquarters received the IFC EDGE Green Building Certification, recognizing its commitment to sustainable construction.
International subsidiaries contributed 48.5 percent to the group’s banking profit before tax, showing strong performance across its global operations.
Access Holdings also became the first financial institution to meet the Central Bank of Nigeria’s recapitalisation requirement by raising N351 billion through a rights issue. However, the group paid N1.243 billion in penalties in 2024 for various regulatory infractions.
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