Access Holdings Plc has posted a profit after tax of ₦182.8 billion for the first quarter of 2025, reflecting a 14.7 percent increase compared to the ₦159.3 billion reported in the same period of 2024. The financial update was made public in the group’s unaudited financial statements filed with the Nigerian Exchange.
The group’s performance was largely driven by a strong rise in both interest and non-interest income, particularly fee and commission income, as well as gains from foreign exchange and fair value adjustments. However, the group also reported a comprehensive loss, due to unrealised foreign exchange translation differences and a fall in fair value of debt instruments.
Interest income calculated using the effective interest rate jumped by 58.6 percent, hitting ₦964.6 billion in Q1 2025 from ₦608.1 billion in Q1 2024. This gain was, however, offset by a 71.3 percent increase in interest expense, which rose to ₦760.5 billion from ₦443.9 billion in the same period last year.
Due to this rise in cost, net interest income declined by 20.1 percent to ₦220.2 billion, down from ₦275.7 billion. Net impairment charges on financial assets also slightly dropped to ₦21.8 billion from ₦22.8 billion, leaving net interest income after impairments at ₦198.4 billion.
Access Holdings’ non-interest income grew notably during the quarter. Fee and commission income rose to ₦174.5 billion from ₦112.4 billion, while fee and commission expenses increased slightly to ₦28.3 billion from ₦25.5 billion. This gave a net fee and commission income of ₦146.2 billion, a significant rise from ₦86.9 billion in the same quarter last year.
The group also made a fair value and foreign exchange gain of ₦214.4 billion in Q1 2025, compared to ₦119.2 billion in 2024. However, other operating income fell to ₦12.8 billion from ₦23 billion.
Operating costs continued to rise, with personnel expenses growing to ₦105.6 billion from ₦79.8 billion, while other operating expenses increased to ₦213.8 billion from ₦176.6 billion.
Despite the cost pressures, the group’s profit before tax climbed to ₦222.8 billion, up from ₦202.7 billion. After accounting for ₦40 billion in taxes, the final profit stood at ₦182.8 billion.
However, Access Holdings reported a total comprehensive loss of ₦39.6 billion in Q1 2025, a sharp contrast to the ₦388.3 billion gain in Q1 2024. The loss was mainly due to a foreign currency translation difference of ₦142 billion and a decline of ₦84.8 billion in the fair value of debt instruments held as fair value through other comprehensive income.
Earnings per share for the period increased to 488 kobo, from 435 kobo in the previous year.
Access Holdings’ balance sheet showed a strong position as of 31 March 2025, with total assets rising to ₦39.1 trillion. Customer deposits grew slightly to ₦23 trillion from ₦22.5 trillion at the end of December 2024. Loans and advances to customers also increased to ₦11 trillion.
The group’s total equity attributable to shareholders rose to ₦3.5 trillion, while total liabilities stood at ₦35.4 trillion.
Financial analysts have said the group’s strong profit reflects its resilience and ability to earn from diverse revenue lines, especially in a volatile operating environment. But they also noted that the comprehensive loss is a reminder of the risks tied to currency movements and market valuations of financial instruments.
