Access Holdings Plc has announced its unaudited results for the third quarter ended September 30, 2024.

The financial results highlight the group’s continued growth, emphasising resilience and sustainable performance as the group works to deliver returns for its shareholders.

Gross revenue for the nine-month period rose by 114.5 per cent, year-on-year, climbing from ₦1.6 trillion in 2023 to ₦3.4 trillion in 2024.

Interest income, a major driver of this growth, represented 70 per cent of gross revenue at ₦2.4 trillion, while non-interest income contributed ₦1.0 trillion, marking an 87.2 per cent increase due to higher transaction volumes on digital channels and other alternative platforms.

Despite inflationary pressure, the cost-to-income ratio remained stable at 60.8 per cent, while profit before tax saw an 89.6 per cent rise to ₦558.2 billion, and profit after tax rose 82.8 per cent to ₦457.7 billion.

The performance translates to an annualised return on equity of 22.2 per cent, 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 per cent, year-to-date, while shareholders’ equity grew by 51.0 per cent to ₦3.3 trillion.

Customer deposits saw an impressive rise of 45.4 per cent, increasing from ₦15.3 trillion in December 2023 to ₦22.3 trillion by Q3 2024, while gross loans and advances grew 56.2 per cent, 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 per cent of the group’s profit before tax, an increase of 185.8 per cent year-on-year.

Looking ahead, Access Holdings remains focused on enhancing profitability through diversified revenue streams across all markets. The group is deeply committed to advancing sustainability, and embedding environmental, social, and governance principles into its operations to foster positive community impact.