Access Holdings Records 88% Growth in Gross Earnings to N4.878trn in FY 2024

Nume Ekeghe

Access Holdings Plc has reported an exceptional 88 per cent year-on-year growth in its gross earnings, rising to N4.878 trillion in 2024 from N2.594 trillion recorded in 2023.

The performance, detailed in its audited financial results for the year ended December 31, 2024, reflects accelerated revenue generation across interest and non-interest streams.

The results showed that the financial institution’s interest income grew by a remarkable 110 per cent to N3.480 trillion, while non-interest income rose by 47.8 per cent to N1.397 trillion, supported by the Group’s robust retail banking activities, digital expansion, and a dynamic trading strategy.

Profit before tax (PBT) increased by 19 per cent to N867 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges.

Total assets grew by 55.5 per cent to N41.498 trillion, and customer deposits rose by 47 per cent to N22.525 trillion. Shareholders’ funds also increased by 72 per cent, reaching N3.760 trillion.

Access Bank posted significant gains across all performance metrics, with interest income growing by 110 per cent and fees and commissions rising by 81 per cent. International subsidiaries contributed 48.5 per cent to the banking segment’s PBT, demonstrating strong execution across key markets.

In 2024, Access Holdings also became the first institution to meet the Central Bank of Nigeria’s recapitalisation directive, raising N351 billion through a rights issue with the proceeds being strategically deployed to strengthen digital infrastructure, enhance liquidity, and fuel long-term growth.

In a statement, the Group noted that they made significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades.

“Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, the Group reached over 21 million individuals across Africa. Its employee wellness programmes also covered 28,000 staff across operating entities.

“Access Bank, the flagship subsidiary,  through its W-Initiative, disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.

“The Group’s efforts attracted prestigious recognition and awards, including three Euromoney Awards for Excellence (notably ‘Best Bank for ESG’); International Finance Award for ‘Most Innovative Bank for Community Development and Community Engagement’; and World Economic Magazine Award for ‘Most Sustainable Bank”

In terms of economic sustainability, Access Bank recorded strong strides through its Economic, Social and Governance (ESG) programmes. It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan.

The Group also achieved a 13.4 per cent reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses.

Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction standards.

In addition, Access employees contributed 228,500 volunteer hours to various community development programmes, reinforcing the Group’s commitment to inclusive and purpose-driven impact.

The Group is  focused on delivering sustainable returns to shareholders, while reinvesting in innovation, infrastructure, and cross-border expansion. Its banking subsidiary launched operations in Hong Kong, received regulatory approval in Malta, and successfully integrated its operations in Zambia and Tanzania, expanding its global footprint.