Access Holdings Reports N642.2bn Profit for FY 2024
Access Holdings Plc recorded a profit after tax of N642.2bn for the financial year ended December 31, 2024, reflecting a 4% increase from the N619.3bn reported in 2023.
According to its audited financial statements released on the Nigerian Exchange Limited on Wednesday, the group’s gross earnings surged by 88% to N4.88tn in 2024, up from N2.59tn the previous year.
Profit before tax rose by 19% to N867.0bn, compared to N729.0bn in 2023, despite increased operating expenses and impairment charges.
The group’s income tax expense more than doubled, rising to N224.8bn from N109.7bn in 2023, which had a dampening effect on net profit. Nevertheless, Access Holdings posted a total comprehensive income of N1.24tn, representing a 20% increase over the N1.03tn recorded in the prior year.
Earnings per share dipped slightly to 1,671 kobo in 2024 from 1,723 kobo in 2023, indicating a modest dilution. Profit attributable to equity holders of the parent company rose marginally to N618.6bn from N612.5bn, while profit attributable to non-controlling interests surged significantly to N23.6bn from N6.8bn, pointing to improved performance across its subsidiaries.
Access Holdings maintained a strong balance sheet, with total assets climbing by 56% to N41.5tn in 2024, up from N26.7tn in 2023. This was driven by a 47% increase in loans and advances to customers, which stood at N11.5tn, up from N8.0tn the previous year.
Customer deposits also grew by 47%, reaching N22.5tn in 2024 compared to N15.3tn in 2023.
Despite the significant expansion of its loan book, the group maintained strong asset quality, with the ratio of impaired loans to gross risk assets improving slightly to 2.76% from 2.78% in 2023—reflecting disciplined risk management.
Total equity attributable to equity holders of the parent company rose to N3.36tn, up from N2.08tn, signaling improved capital strength.
Access Holdings also disclosed a regulatory-approved delay in filing its audited 2024 financial results, citing approval from the Central Bank of Nigeria.
SOURCE
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