Access Holdings Plc, the parent company of Access Bank Nigeria, has recorded a 114.5 per cent, year-on-year, YoY, increase in Gross Revenue to N3.4 trillion in the third quarter ended September 30, 2024 from N1.6 trillion in the corresponding period of 2023.
The Group disclosed this in its unaudited results for the third quarter ended September 30, 2024, which highlighted the group's continued growth momentum, emphasising resilience and sustainable performance as the Group works to deliver solid returns for its shareholders.
The triple growth in topline was driven by Interest income, which represented 70% of gross revenue at ¦ 2.4 trillion, while non-interest income contributed ¦ 1.0 trillion, marking an 87.2% increase due to higher transaction volumes on digital channels and other alternative platforms. Despite inflationary pressures, the cost-to-income ratio remained stable at 60.8%, while profit before tax saw an 89.6% rise to ¦ 558.2 billion, and profit after tax rose 82.8% to ¦ 457.7 billion. This robust performance translated to an annualised return on equity of 22.2%, with earnings per share up to ¦ 12.40.
Access Holdings reported significant gains in Q3 2024, driven by strong performance across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers. The Group's total assets surged to ¦ 41.1 trillion, up by 54.0% year-to-date, while shareholders' equity grew by 51.0% to ¦ 3.3 trillion. Customer deposits saw an impressive rise of 45.4%, increasing from ¦ 15.3 trillion in December 2023 to ¦ 22.3 trillion by Q3 2024, while gross loans and advances grew 56.2%, reaching ¦ 13.9 trillion.
Access Bank continued its strong performance, with both interest and non-interest income contributing significantly to gross earnings. Subsidiaries in the UK and across Africa performed particularly well, delivering 54.8% of the Banking Group's profit before tax, an increase of 185.8% year-on-year. 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.
The non-banking subsidiaries of Access Holdings also delivered consistent growth. Access ARM Pensions, following a merger with ARM Pensions, now oversees ¦ 3.1 trillion in assets under management. Hydrogen Payments processed ¦ 27.5 trillion in transactions, growing its operating profit by 516% year-on-year to ¦ 5.7 billion. Access Insurance Brokers, still in its first year of operations, posted a gross written premium of ¦ 8.3 billion and a profit before tax of ¦ 641 million. New entrant, Oxygen X Finance, the group's digital lending subsidiary, reported ¦ 2.1 billion in operating income and a profit before tax of ¦ 412 million.
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Looking ahead, Access Holdings remains focused 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.
