WorldStage Newsonline– Access Holdings (ACCESSCORP) has announced its nine months 2024 unaudited results with 79.1% y/y growth in net profits to N440.6 billion, driven by 128.7% y/y growth in Interest income and a 122.1% y/y increase in Fees & commissions.
The former was supported by substantial growth in Interest-earning assets, with these up 69.0% year-to-date.
Total assets rose 54.0% y-t-d to N41.09tn, with both loan and deposit growth robust.
Interest income rose by 128.7% y/y to N2.40tn, up from N1.05tn in 9M 2023, driven by a 69.0% increase in interest-earning assets y-t-d, which reached N29.62tn by 9M 2024.
Interest expense increased by 135.9% y/y to N1.55tn, largely influenced by rising Cost of Funds, which rose to 7.1% from 5.6%.
Net interest income improved by 116.7% y/y to N844.8bn, while the Net Interest Margin rose to 4.8% from 4.1% y/y.
Other income streams contributed meaningfully to the top line. Fees & commissions grew 122.1% y/y to N329.9bn, while Trading revenues increased 74.3% y/y to N548.4bn on the gains from financial instruments at fair value through the P&L.
Other income rose by 217.1% y/y to N70.1bn, though it saw a sequential quarter-on-quarter decline in Q3, likely due to market conditions.
These income gains were partially offset by Total operating expenses, which rose 110.0% y/y to N1.09tn y/y, driven by rising personnel costs, AMCON charges, and IT-related expenses.
This brought the Cost-to-Income ratio to 60.8% from 59.3% a year earlier.
Pre-provision earnings rose by 97.5% to N702.6bn and, after accounting for Loan impairment provisions of N144.9bn (up 134.5% y/y), Pre-tax profits stood at N558.2bn, an 89.6% y/y increase.
Net Profits reached N440.6bn, up 79.1% y/y, translating into an EPS of N12.40. The ROAE, though down slightly by 101bps to 22.2%, remained robust, while ROAA held steady at 1.8%, highlighting stable asset-based profitability.
