Access Holdings posts N642.2bn profit

Access Holdings Plc recorded a profit after tax of N642.2bn for the financial year ended December 31, 2024. This marked a four per cent increase from the N619.3bn reported in 2023.

The group’s audited financial statement released on the Nigerian Exchange Limited on Wednesday showed that Access Holdings’ gross earnings jumped by 88 per cent to N4.88 tn in 2024, up from N2.59 tn in 2023.

Additionally, profit before tax for the period stood at N867.0bn, representing a 19 per cent rise from N729.0bn in 2023. This was achieved despite an increase in operating expenses and impairment charges.

Meanwhile, the group’s income tax expenses also rose sharply, from N109.7bn in 2023 to N224.8bn in 2024, which had a moderating effect on the final profit after tax.

Despite the tax pressure, Access Holdings posted a total comprehensive income of N1.24tn for the year, a 20 per cent increase from N1.03tn recorded the previous year.

The group’s earnings per share saw a slight dip, coming in at 1,671 kobo per share in 2024, down from 1,723 kobo in 2023, reflecting a modest dilution effect.

Profit attributable to equity holders of the parent company rose to N618.6bn in 2024, compared to N612.5bn in the preceding year. Furthermore, profit attributable to non-controlling interests rose significantly to N23.6bn from N6.8bn, suggesting better performance across its subsidiaries and other group entities.

The group’s balance sheet remained robust, with total assets expanding by 56 per cent to N41.5tn in 2024, compared to N26.7 tn a year earlier. This growth was supported by a 47 per cent increase in loans and advances to customers, which stood at N11.5 tn as of December 31, 2024, up from N8.0 tn in 2023.

Customer deposits also grew significantly by 47 per cent, reaching N22.5 tn in 2024 compared to N15.3 tn in 2023.

Despite the expanded loan portfolio, the group kept its asset quality under control. The ratio of impaired loans to gross risk assets was 2.76 per cent, a slight improvement from 2.78 per cent in 2023, demonstrating disciplined risk management practices.

Access Holdings also recorded improvements in capital and reserves. Total equity attributable to equity holders of the parent increased to N3.36tn from N2.08tn.

The PUNCH reported that Access Holdings Plc has announced a delay in filing its audited results for the 2024 financial year on the back of approval from its regulator, the Central Bank of Nigeria.