Access Holdings Plc reported a profit before tax of N616.25 billion for the nine-month period ended September 30, 2025, marking a 10.4% increase from N558.18 billion recorded in the same period in 2024.
However, according to the unaudited report released on Thursday, October 30, 2025, profit after tax for the nine months declined by 2.23% to 447.548 billion.
Earnings per share declined by 35.48% to N8.00 (800 kobo) in 9M 2025, down from N12.40 (1,240 kobo) in the same period last year.
On a positive note, gross earnings grew by 14% year-on-year to N3.9 trillion, compared to N3.4 trillion in 9M 2024.
Key Highlights (9M 2025 vs. 9M 2024)
- Interest Income: N2.904 trillion (+21.11% YoY)
- Interest expenses: N1.646 trillion (+6% YoY)
- Net interest income: N1.258 trillion (+48.90% YoY)
- Impairment: N349.985 billion (+141.45% YoY)
- Net interest income after impairment: N907.955 billion (+29.73% YoY)
- Fees and Commission income: N600.404 billion (+49.53% YoY)
- Fair value & foreign exchange gain: N255.400 billion (-53.43% YoY)
- Total operating expenses: N1.164 trillion (+6.74% YoY
- Total Assets: N52.2 trillion (+25.8%)
- Customer Deposits: N33.1 trillion (+47.0%)
- Loans and Advances to Customers: N12.89 trillion (+12.3%)
Driving the numbers
Access Holdings’ top-line growth was largely driven by strong gains in interest income, which rose by over N506 billion year-on-year due to a larger loan book and expanded holdings in investment securities.
- Investment securities stood at N15.25 trillion, now exceeding loans and advances to customers, which totaled N12.89 trillion.
This suggests that Access Holdings is investing more in investment securities (like government bonds or treasury bills) than it is in giving out loans to customers.
The bank is playing it safer, which can protect profits in tough times, but it could also mean they’re less focused on rapid growth through lending, possibly due to concerns about rising defaults.
That cautious stance is further reflected in the Group’s interest expense, which rose modestly by 6% YoY to N1.65 trillion, suggesting Access was able to grow interest-earning assets faster than the cost of funding.
- This helped drive a strong 48.90% increase in net interest income, which reached N1.26 trillion
However, the benefit from interest income was significantly impacted by surging impairment charges, which more than doubled to N349.99 billion, up 141.45% YoY.
- This sharp increase suggests the bank is either facing rising loan defaults, being more conservative in provisioning, or both.
Consequently, net interest income after impairment grew at a slower pace of 29.73% YoY to N907.96 billion.
Non-interest income
Beyond interest income, non-interest revenue was another key contributor to performance. Fees and commission income surged by 49.53% YoY to N600.40 billion, driven by increased customer activity across digital channels, payments, and core banking services.
- The bank made N284 billion from credit-related fees and commissions.
- Another non-interest income Centre was from channels and other E-business income of N151 billion
However, fair value and foreign exchange gains came in at N255.40 billion, representing a significant decline of 53.43% YoY.
On the cost side, total operating expenses rose modestly by 6.74% YoY to 1.16 trillion, a commendable feat considering the inflationary environment and ongoing investments in people, systems, and infrastructure.
- However, while the growth rate is relatively contained, the absolute cost base remains significant, consuming nearly a third of gross earnings.
Balance sheet
Access Holdings’ balance sheet showed strong expansion, with total assets rising by 25.8% to N52.2 trillion as at September 2025, up from N41.5 trillion at the end of December 2024.
- This growth was driven by a significant increase in customer deposits, which jumped by N10.6 trillion to N33.1 trillion.
The Group also grew its loan book, with loans and advances to customers up by N1.41 trillion to N12.89 trillion.
However, as noted earlier, investment securities at N15.25 trillion now exceed the total loan book, suggesting a portfolio shift.
On the liabilities side, equity attributable to shareholders also grew to N3.73 trillion, boosted by retained earnings.
Market reaction
On the day Access Holdings released its Q3 2025 results, Thursday, October 30, 2025, the company’s share price closed at N23.00, marking a 0.6% decline from the previous day’s N23.15.
- Year to date, the stock has retreated by 3.56%, having opened the year at N23.85.
Among the (FUGAZ group) tier-one banking group: First Holdco, UBA, GTCO, Access Holdings, and Zenith Bank, Access’s decision to withhold an interim dividend stands out, particularly in light of its earlier promise.
During its 3rd Annual General Meeting (AGM) on May 15, 2025, Access Holdings had bowed to shareholder pressure, committing to pay an interim dividend of N1 per share in 2025 more than double the 45 kobo paid the previous year.
With no interim dividend declared alongside these Q3 results, investors may now be looking to the final dividend for redemption.
A strong year-end payout could be the Group’s attempt to “frog leap” and honour its AGM promise, especially after a year of robust top-line growth and expanding earnings, albeit weighed down by impairments and a cautious balance sheet posture.
