Access Holdings Defies Economic Headwinds with N3.9 Trillion Gross Earnings in Nine Months

In a remarkable demonstration of financial resilience, Access Holdings PLC has announced impressive third-quarter results for 2025, recording gross earnings of ₦3.9 trillion. This represents a substantial 14.1% year-on-year increase from the ₦3.4 trillion reported during the same period in 2024, signaling the Group’s ability to navigate challenging economic conditions while maintaining growth momentum.

Sustained Growth Across Multiple Revenue Streams

The financial powerhouse’s performance was driven by robust growth in both interest income and fees and commission revenue, underscoring the strength of its diversified earnings base. What makes this achievement particularly noteworthy? The Group managed to maintain this upward trajectory despite facing significant macroeconomic pressures in its home market.

The quarter-on-quarter growth tells an even more compelling story. Gross earnings surged by an impressive 56.2% from the ₦2.5 trillion recorded at the half-year mark in 2025, indicating accelerating momentum as the year progressed.

Interest Income: The Engine of Growth

Interest income emerged as a primary driver of the Group’s strong performance, climbing 21.1% year-on-year to reach ₦2.9 trillion in Q3 2025, compared to ₦2.4 trillion in the same period last year. More significantly, net interest income witnessed an extraordinary 48.9% surge to ₦1.3 trillion from ₦845 billion previously.

This substantial growth didn’t happen by accident. Banking industry analysts point to the Group’s strategic focus on loan book expansion, disciplined risk management practices, and a deliberate shift toward higher-yielding quality assets as key factors behind these impressive numbers.

The quarter-on-quarter comparison reveals even more dramatic growth, with interest income and net interest income expanding by 42.1% and 27.8% respectively from ₦2.0 trillion and ₦984 billion recorded in H1 2025.

Non-Interest Income: A Mixed but Promising Picture

While total non-interest income experienced a marginal decline of 8.1% to ₦872 billion in Q3 2025 from ₦984 trillion in Q3 2024, the underlying story is more nuanced. Net fee and commission income actually grew by a remarkable 44.3% to ₦476 billion from ₦330 billion year-on-year.

This growth in fee-based revenue reflects higher transaction volumes and increased customer activity across digital and payment channels—a testament to the Group’s successful digital transformation initiatives. The quarter-on-quarter performance in this segment was even more striking, with net fee and commission income doubling (100.8% increase) from ₦237 billion in H1 2025.

Operational Efficiency and Cost Management

Operating income rose by a healthy 18.8% to ₦2.13 trillion in Q3 2025 from ₦1.8 trillion in the comparable period last year. Meanwhile, operating expenses increased only marginally by 6.7% to ₦1.2 trillion from ₦1.1 trillion, demonstrating effective cost control measures.

The cost-to-income ratio (CIR) showed significant improvement, dropping to 54.6% in Q3 2025 from 60.8% in Q3 2024. This improvement indicates that revenue growth is substantially outpacing operating expenses—a key metric that investors and analysts watch closely.

However, the financial results weren’t without their challenges. Impairment on loans increased by 141.5% to ₦350 billion from ₦145 billion in Q3 2024, reflecting the broader economic pressures affecting credit quality across the banking sector.

Profitability and Balance Sheet Strength

Profit before tax (PBT) increased by 10.4% to ₦616 billion in Q3 2025 from ₦558 billion in the previous year. Profit after tax moderated slightly to ₦447 billion from ₦458 billion, but the quarter-on-quarter comparison tells a more optimistic story.

Compared to H1 2025 performance, profitability demonstrated remarkable resilience. Profit before tax surged by 91.9% from ₦321 billion in H1 2025 to ₦616 billion in Q3 2025, while profit after tax showed even stronger improvement with a 107.9% increase to ₦447 billion from ₦215 billion at the half-year mark.

The Group’s balance sheet expanded significantly, with total assets growing by 25.8% to ₦52.0 trillion in Q3 2025 from ₦41.5 trillion at the end of 2024. This growth was supported by customer deposits, which increased by 47.0% to ₦33.1 trillion from ₦22.5 trillion, and loans and advances, which grew by 19.7% to ₦15.6 trillion from ₦13.0 trillion.

The Diversification Advantage

Perhaps the most telling aspect of Access Holdings’ performance lies in its geographic diversification strategy. The Group’s non-Nigerian subsidiaries contributed over 50% of consolidated results, delivering strong growth across key metrics despite challenging conditions in the Nigerian market.

This diversification has proven to be a masterstroke, providing stability and resilience when the Nigerian operations faced headwinds from changing macroeconomic conditions, inflationary pressures, and regulatory adjustments. The strategy has positioned the Group to unlock revenue synergies, enhance cross-border collaboration, and drive sustainable earnings growth across its African footprint.

Looking Ahead: Sustainable Growth in Uncertain Times

While return on average equity (ROAE) moderated to 15.4% in Q3 2025 from 22.2% in the previous year, and return on average assets (ROAA) decreased to 1.3% from 1.8%, the Group’s overall performance suggests a fundamentally strong institution navigating complex market conditions.

The improved cost-to-income ratio and the strong contribution from international subsidiaries provide a solid foundation for future growth. As Access Holdings continues to strengthen its franchise across all markets and businesses, the focus remains on deepening operational resilience and creating sustainable value for all stakeholders.

In an economic environment where many financial institutions are struggling to maintain growth, Access Holdings’ performance stands as a testament to the power of strategic diversification, disciplined risk management, and operational excellence. The question now is whether this momentum can be sustained as the Group positions itself for the challenges and opportunities that lie ahead in Africa’s evolving financial landscape.

Source: https://www.herald.ng/access-holdings-records-n3-9-trillion-gross-earnings-in-nine-months/