Access Holdings PLC (“the Group” or “the Company”) has reported a solid financial performance for the nine months ended September 30, 2025 (Q3 2025), with gross earnings reaching ₦3.9 trillion, representing a 14.1% year-on-year increase from ₦3.4 trillion recorded in the corresponding period of 2024.
The financial powerhouse, Africa’s largest in asset size, said the result underscores the strength of its diversified business model, resilient balance sheet, and expanding regional footprint across Africa.
In a statement, Sunday Ekwochi, Company Secretary, attributed the strong performance to steady growth in interest income, fees, and commissions, reflecting Access Holdings’ ability to leverage its banking and non-banking subsidiaries to drive value in a challenging macroeconomic environment.
“This performance was driven by sustained growth in both interest and fee income, underpinned by our diversified earnings base and strong contributions from our subsidiaries across Africa,” Ekwochi stated.
“Despite inflationary pressures, regulatory headwinds, and currency volatility, Access Holdings has maintained operational resilience through disciplined risk management and a clear focus on sustainable growth.”
Strong Financial Momentum Despite Economic Pressures
Gross earnings surged 56.2% quarter-on-quarter from ₦2.5 trillion at Half Year 2025, reflecting improved income from lending and transaction services.
- Interest income grew 21.1% year-on-year to ₦2.9 trillion in Q3 2025, compared to ₦2.4 trillion in Q3 2024.
- Net interest income rose 48.9% to ₦1.3 trillion, driven by a strategic focus on high-yield assets.
Net fee and commission income climbed 44.3% to ₦476 billion from ₦330 billion, supported by higher transaction volumes, digital adoption, and cross-border activities.
While non-interest income declined slightly by 8.1% to ₦872 billion, operating income grew 18.8% to ₦2.13 trillion, reflecting sustained performance from the Group’s core operations.
Operating expenses increased marginally by 6.7% to ₦1.2 trillion, but the cost-to-income ratio (CIR) improved significantly to 54.6% from 60.8%, signaling improved efficiency despite a challenging inflationary environment.
Profitability Holds Firm, Assets Expand Sharply
Access Holdings recorded ₦616 billion profit before tax (PBT), a 10.4% increase from ₦558 billion in Q3 2024, while profit after tax (PAT) stood at ₦447 billion. On a quarter-on-quarter basis, profits surged impressively, with PBT and PAT rising 91.9% and 107.9%, respectively, compared to H1 2025.
The Group’s balance sheet expanded 25.8%, with total assets growing to ₦52.0 trillion from ₦41.5 trillion at the end of 2024. Customer deposits jumped 47.0% to ₦33.1 trillion, while loans and advances increased 19.7% to ₦15.6 trillion, highlighting growing customer confidence and lending momentum.
Diversification Across African Markets Pays Off
Access Holdings’ non-Nigerian subsidiaries contributed over 50% of consolidated earnings, underscoring the Group’s strategy of expanding into fast-growing African markets. Analysts say this move has insulated the Group from Nigeria’s domestic economic volatility and regulatory uncertainties.
Celestine Ukpong, an economist and banking analyst, noted that Access Holdings’ continental diversification has positioned it as a stabilizing force in African banking.
“Access Holdings’ performance confirms the success of its cross-border expansion strategy. By building a pan-African network, the Group is reducing reliance on Nigeria’s macroeconomic fluctuations and creating a more resilient revenue base,” Ukpong explained.
A financial analyst with Frontier Capital Advisory, also observed that Access Holdings’ improved balance sheet signals a strong liquidity position that will support further regional acquisitions and growth.
“What stands out is the Group’s ₦52 trillion balance sheet. This provides the liquidity muscle to compete effectively with global financial institutions, especially in trade finance, infrastructure funding, and digital financial services across Africa,” Ogbonna stated.
Navigating Risks with Discipline and Innovation
While loan impairment charges rose sharply by 141.5% to ₦350 billion, analysts believe this reflects prudent provisioning amid tighter credit conditions rather than weakness in the loan portfolio.
According to a risk management expert at the University of Lagos, the increase in impairments was a strategic move.
“Access Holdings has taken a proactive approach in loan loss provisioning. This ensures the Group remains well-buffered against defaults and currency risks, especially in economies facing debt sustainability concerns,” explained.
The expert further added that the Group’s focus on digital transformation, cost optimization, and regional synergy positions it to sustain profitability despite economic headwinds.
Investor and Market Outlook
Access Holdings’ return on average equity (ROAE) moderated to 15.4% from 22.2%, and return on average assets (ROAA) declined to 1.3%, consistent with the broader market trend of compressed margins due to inflation and regulatory tightening.
Still, experts believe the Group’s medium-term outlook remains positive.
Adaobi Chukwuma, a Lagos-based capital markets strategist, said investors should view Access Holdings’ performance as “a story of strategic resilience and value creation.”
“The Group is balancing aggressive regional growth with disciplined cost control. The results show a bank that is not just surviving Nigeria’s economic turbulence but redefining African banking through scale and diversification,” Chukwuma said.
Access Holdings’ Commitment to Long-Term Value
The Group reaffirmed its commitment to deepening financial inclusion, enhancing cross-border banking integration, and delivering sustainable shareholder value.
“We remain focused on strengthening our franchise, unlocking synergies across subsidiaries, and driving innovation to create lasting value for our stakeholders,” the company stated.
Access Holdings continues to consolidate its position as one of Africa’s most valuable financial conglomerates, leveraging digital technology, regional partnerships, and sustainability-focused growth to navigate evolving market dynamics.
Access Holdings PLC recorded ₦3.9 trillion in gross earnings for Q3 2025, up 14.1% year-on-year, powered by strong regional performance and diversified income streams. Analysts say the Group’s cross-border strategy, ₦52 trillion balance sheet, and cost efficiency measures underscore its strength amid Nigeria’s economic challenges.
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