Access Holdings Plc says it recorded N642 billion as profit after tax in the full year of 2024, up from the N619.32 billion earned at the end of 2023.
In its audited financial statement for the year ended December 31, 2024, Access Holdings said the figure represents a 3.7 percent increase in profit after tax.
The group said its gross earnings grew by 88 percent year-on-year, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024.
“The strong performance was driven by diversified income streams, with interest income growing by 110% to N3.480 trillion and non-interest income increasing by 47.8% to N1.397 trillion, supported by robust retail banking activities, digital expansion, and a dynamic trading strategy,” Access Holdings said.
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“Profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges.”
According to the statement, the bank’s total assets grew by 55.5 percent to N41.498 trillion and customer deposits rose by 47 percent to N22.525 trillion.
‘SHAREHOLDERS’ FUND ROSE TO N3.76 TRILLION IN 2024’
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The financial institution said shareholders’ funds also increased by 72 percent, reaching N3.76 trillion.
In terms of economic sustainability, the statement noted that the bank recorded strong strides through its economic, social and governance (ESG) programmes.
“It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan,” the statement further reads.
“The Group also achieved a 13.4% reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses.
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“Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction standards.”
The statement also noted that the bank posted significant gains across all performance metrics, “with interest income growing by 110% and fees and commissions rising by 81%”.
The organisation said international subsidiaries contributed 48.5 percent to the “banking segment’s PBT, demonstrating strong execution across key markets”.
In 2024, Access Holdings said it also became the first institution to comply with the Central Bank of Nigeria’s recapitalisation directive, raising N351 billion through a rights issue.
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The group also said it paid N1.243 billion in penalties to regulatory authorities in 2024 for various infractions
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