Access Holdings’ PAT increases marginally in 2024

ACCESS Holdings Plc, in its published 2024 full-year audited financial results, has reported that its Profit After Tax (PAT) increased marginally by 3.7 percent.

According to the audited financial results, profit after tax grew to N642.22 billion, a modest 3.7 per cent increase from N619.32 billion in 2023.

Meanwhile, the Profit Before Tax (PBT) surged to N867.02 billion, marking a 18.9 per cent increase from N729.00 billion recorded in 2023.

Gross earnings more than doubled to N4.88 trillion, up 88 per cent from N2.59 trillion a year earlier.

Interest income remained the engine behind Access Holdings’ growth, accounting for 71 per cent of gross earnings, up from 63 per cent in the prior year.

However, the banking group increased its total assets by 55.6 percent to N41.4 trillion, from N26.6 trillion at the start of the year.

Access Holdings’ interest income rose to N3.1 trillion from N1.56 trillion. On the flip side, the holding company’s interest expense surged 130.6 percent to N2.21 trillion from N958 billion driven by the high-interest rate environment.

The group also recorded a net interest income of N1.26 trillion, marking an 81.2 percent growth from N695 billion. It also posted N514 billion in fee and commission income in 2024, reflecting an 85 percent growth from the N277 billion reported in 2023.

Access Holdings posted net foreign exchange gains of N288 billion during the full year. In 2023, it recorded a net FX gain of N17.2 billion.

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