Access Holdings Plc on Wednesday reported N294.42 billion profit before tax in the nine months ended September 30, 2023, unaudited results and accounts, an increase of 100.21 percent from N147.06 billion reported in the nine months of 2022.
The group’s profit after tax hit N250.44 billion in nine months of 2023, an increase of 83.12 percent from N136.8 billion reported in nine months of 2022.
The increase in profits as declared on the Nigerian Exchange Limited (NGX) is driven by an 84 percent increase in interest income to N1.05 trillion in nine months of 2023 from N571.74 billion reported in nine months of 2022 and N208.18 billion fees and commission in nine months of 2023, representing an increase of 56 percent from N133.49 billion reported in nine months of 2022.
In a demonstration of the trust and confidence reposed in the institution by its customers, Access Holdings also witnessed a significant 37 percent year-to-date growth in customer deposits, concluding the nine months at a commendable N12.75 trillion.
This growth was inclusive of all business segments, firmly solidifying the Group’s stature as the largest financial institution in Nigeria by total assets.
Access Holdings’ synergies across its business verticals yielded remarkable results, as the company experienced a 42.7 percent increase in total assets to N21.41 trillion and a 33.2 percent rise in shareholders’ funds to N1.64 trillion as of September 30, 2023.
The Group Chief Executive Officer, Access Holdings, Herbert Wigwe in a statement said, “Our growth plans for the African continent remain firm and clear, driven by the strong long-term growth prospects and trade opportunities seen across many of the countries,” he commented.
“Continuing with our 5-year cyclical strategy, our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity` among all stakeholders.”
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