Access Holdings begins 2025 with N182.75Bn profit, sustains momentum amid asset contraction
Access Holdings Plc, one of Africa’s most ambitious banking groups, has kicked off the 2025 financial year with a profit after tax of ₦182.75 billion for Q1—an impressive 15% year-on-year growth from ₦159.29 billion in Q1 2024. This performance reaffirms the group’s reputation as a dominant force in Nigeria’s financial services landscape, even as it navigates structural shifts in its balance sheet and broader macroeconomic volatility.
The group disclosed this in its unaudited financials filed with the Nigerian Exchange Limited (NGX) for the period ended March 31, 2025.
INCOME ENGINE: STRONG REVENUE FLOW DESPITE HEADWINDS
Access Holdings reported ₦1.38 trillion in gross revenue for Q1 2025, setting the tone for what may be another record year, following its blockbuster ₦4.88 trillion full-year revenue in 2024—a sharp 88% increase from ₦2.59 trillion in 2023.
Profit before tax in Q1 2025 rose to ₦222.78 billion, up from ₦202.74 billion in Q1 2024, reflecting consistent earnings quality despite rising operating and regulatory costs across the banking sector.
The group’s earnings per share (EPS) climbed to ₦4.88, compared to ₦4.35 in Q1 2024, reflecting stronger value creation for shareholders early in the year.
THE BIG PICTURE: 2024 FULL-YEAR RESULTS SHOW RESILIENCE
Zooming out to Access Holdings’ audited full-year 2024 numbers, the bank posted:
- ₦642.2 billion profit after tax — up 4% from ₦619.3 billion in 2023
- ₦867.0 billion profit before tax — up 19% from ₦729.0 billion
- ₦1.24 trillion total comprehensive income — up 20% from ₦1.03 trillion
- ₦70.9 billion increase in tax expense — which moderated bottom-line gains
- ₦618.6 billion profit attributable to equity holders
- ₦23.6 billion attributable to non-controlling interests — up from ₦6.8 billion
These numbers reflect broad-based group growth, with non-Nigerian subsidiaries and non-banking business units increasingly pulling their weight.
BALANCE SHEET TRENDS: A MIXED SIGNAL IN 2025
One point of concern is the sharp decline in total assets, which dropped to ₦30.09 trillion as of March 31, 2025, compared to ₦41.5 trillion in December 2024. This ₦11.4 trillion contraction suggests either deleveraging, portfolio rebalancing, or an ongoing audit-linked restatement following regulatory approvals.
Indeed, BRANDECONOMY had earlier reported that Access Holdings delayed the filing of its FY 2024 audited results after obtaining clearance from the Central Bank of Nigeria (CBN). This underscores the complexity of its financial architecture and the growing compliance pressures on Tier-1 financial institutions.
STRONGER CAPITAL, STABLE LOANS, DISCIPLINED RISK
Nonetheless, Access Holdings ended 2024 with a robust balance sheet, marked by:
- ₦3.36 trillion in total equity — up from ₦2.08 trillion
- ₦11.5 trillion in loans and advances — up 47%
- ₦22.5 trillion in customer deposits — up 47%
- 2.76% impaired loan ratio — a slight improvement from 2.78%
This shows that even as Access aggressively expanded its loan book in 2024, it maintained credit quality, outperforming industry peers in non-performing loan (NPL) containment.
BRANDECONOMY TAKE: ACCESS BANK – AFRICA’S SYSTEMIC GIANT IN TRANSITION
Access Holdings is clearly not standing still. Under the Group’s esteemed legacy architecture, the company is transforming from a bank into a financial services powerhouse with stronghold positions in commercial banking, payments, pensions, insurance, and asset management—pan-African in ambition, systemic in scale.
However, the Q1 2025 dip in total assets raises key questions around balance sheet restructuring, and whether the group is exiting some positions or consolidating subsidiaries post-audit. Investors and analysts will be watching closely for its half-year numbers and auditor notes for deeper clarity.
Yet, with earnings power intact, strong ROE, and disciplined cost management, Access Holdings remains Nigeria’s most internationally ambitious bank—and one of Africa’s most consequential financial players.
