Access Holdings Plc reported N642.2 billion in profit after taxes for the fiscal year that concluded on December 31, 2024. Compared to the N619.3 billion reported in 2023, this represented a four percent increase.
The group’s income tax costs also increased significantly, from N109.7 billion in 2023 to N224.8 billion in 2024, which moderated the final profit after taxes.
Access Holdings posts N1.24 trillion income in 2024
Access Holdings reported a total comprehensive income of N1.24 trillion in 2024, a 20 percent increase over the N1.03 trillion reported the year before, despite the tax pressure.
According to the group’s audited financial statement, which was made public on the Nigerian Exchange Limited on Wednesday, Access Holdings’ gross earnings increased from N2.59 trillion in 2023 to N4.88 trillion in 2024, an 88 percent increase.
Access Holdings reports N867.0 billion profit before tax in 2024
Furthermore, the period’s profit before tax was N867.0 billion, up 19 percent from N729.0 billion in 2023. This was accomplished despite a rise in operating costs and impairment charges.
Due to a slight dilution effect, the group’s earnings per share decreased slightly from 1,723 kobo in 2023 to 1,671 kobo in 2024.
In 2024, the parent company’s profit attributable to equity holders increased to N618.6 billion from N612.5 billion the year before. Additionally, non-controlling interest profit increased dramatically from N6.8 billion to N23.6 billion, indicating improved performance across its subsidiaries and other group companies.
Access Holdings’ total assets increased by 56% to N41.5 trillion
The group’s balance sheet held up well, as its total assets increased by 56 percent to N41.5 trillion in 2024 from N26.7 trillion the previous year. A 47 percent increase in loans and advances to customers—which stood at N11.5 trillion as of December 31, 2024, up from N8.0 trillion in 2023—supported this growth.
The group maintained control over the quality of its assets in spite of the increased loan portfolio. Disciplined risk management techniques were evident in the ratio of impaired loans to gross risk assets, which was 2.76 percent, a minor improvement from 2.78 percent in 2023.
Access Holdings’ customer deposits rose by 47% to ₦22.5 trillion in 2024
Additionally, customer deposits increased by 47 percent, from N15.3 trillion in 2023 to N22.5 trillion in 2024.
Access Holdings reported increases in reserves and capital. The parent company’s total equity attributable to equity holders grew from N2.08 trillion to N3.36 trillion.
Due to the Central Bank of Nigeria’s approval, Access Holdings Plc has previously stated that it will postpone submitting its audit results for the 2024 fiscal year.
Access Bank’s acquisition of National Bank of Kenya faces Nigeria and DR Congo’s regulatory hurdles
In a related development, Access Bank’s attempt to acquire the National Bank of Kenya (NBK) is being hampered by a local ownership regulation in the Democratic Republic of the Congo (DRC), even though the transaction was approved by the Central Bank of Kenya (CBK).
Access Bank needs to adhere to the DRC’s requirement of 45 percent local shareholding in banks, which is why the Central Bank of Nigeria (CBN) has reserved final approval. Access wants to dilute its DRC unit by the 2026 deadline, even though it currently owns 99.98 percent of it.
While acknowledging that it complies with the Central Bank of Congo’s directive, Access Bank declined to associate the NBK transaction delay with the DRC compliance problem. KCB Group, the company selling NBK, recognised the Nigerian regulator’s requirements, which include DRC divestiture and CBK approval, as obstacles in March.
Although certain liabilities will not be included in the sale, KCB is selling NBK as part of larger portfolio realignments after acquiring the company in 2019 through a central bank-led rescue.
With the $228 million raised from a rights issue in 2023, Access Bank, the biggest lender in Nigeria in terms of assets, is pursuing a vigorous expansion plan. With operations in 23 countries already, the bank hopes to double its foreign-held assets by 2027. While it works through regulatory obstacles in the DRC and London, it currently owns Transnational Bank in Kenya and sees NBK as a strategic entry point to deepen regional trade financing.