-Expands Total Assets To N41.5tn, Reports Profit After Tax Of N642.2bn
News Highlights:
- Access Holdings grew total assets by 56% to N41.5tn, driven by strong loan and deposit growth.
- Despite higher taxes and costs, profit after tax rose 4% to N642.2bn in 2024.
Despite mounting operational expenses and a sharp increase in tax obligations, Access Holdings Plc closed the 2024 financial year with a resilient performance, underpinned by significant growth in earnings and a robust balance sheet.
According to its audited financial statement filed with the Nigerian Exchange Limited on Wednesday, the group reported a profit after tax of N642.2bn, up four per cent from N619.3bn recorded in 2023.
Digital TimesNG reports that this modest uptick came in the face of increased tax liabilities, with income tax expenses more than doubling from N109.7bn in 2023 to N224.8bn in 2024.
Access Holdings’ gross earnings soared by 88 per cent to N4.88tn, a notable leap from N2.59tn a year earlier. Profit before tax also rose to N867.0bn, marking a 19 per cent increase from N729.0bn, despite rising impairment charges and operating costs.
Total comprehensive income climbed to N1.24tn, reflecting a 20 per cent year-on-year growth, even as earnings per share edged slightly lower to 1,671 kobo (from 1,723 kobo), signaling modest dilution.
One of the standout achievements for the year was the 56 per cent growth in total assets, which reached N41.5tn, up from N26.7tn in 2023. This expansion was driven largely by a 47 per cent jump in loans and advances to customers, which hit N11.5tn, and a corresponding 47 per cent rise in customer deposits to N22.5tn.
The group also reported improved performance across its subsidiaries, as profit attributable to non-controlling interests surged to N23.6bn, up from N6.8bn. Meanwhile, profit attributable to equity holders of the parent company rose slightly to N618.6bn.
Access Holdings maintained tight control over its asset quality, with the impaired loans ratio improving marginally to 2.76 per cent, down from 2.78 per cent in 2023, demonstrating prudent risk management despite an aggressive lending strategy.
Further highlighting its financial strength, the group saw a significant boost in shareholder equity, with total equity attributable to the parent company climbing to N3.36tn, up from N2.08tn.
While the group faced delays in publishing its audited financials—citing regulatory approval from the Central Bank of Nigeria—its full-year performance signals a well-executed growth strategy and solid fundamentals.