Access Holdings Plc reported a profit after tax of N642.2 billion for the financial year ended December 31, 2024 — representing a 4% increase from the N619.3 billion recorded in 2023.
According to the group’s audited financial results released on the Nigerian Exchange Limited on Wednesday, gross earnings surged by 88% to N4.88 trillion in 2024, up from N2.59 trillion the previous year.
Profit before tax rose to N867.0 billion, a 19% increase from N729.0 billion in 2023, despite increased operating expenses and higher impairment charges during the period.
However, income tax expenses more than doubled to N224.8 billion, up from N109.7 billion in 2023, which slightly dampened the growth in profit after tax.
Despite the tax burden, the group delivered a total comprehensive income of N1.24 trillion for the year, a 20% rise from N1.03 trillion in the prior year.
Earnings per share slightly declined to 1,671 kobo in 2024 from 1,723 kobo in 2023, reflecting a mild dilution effect.
Profit attributable to equity holders of the parent company increased to N618.6 billion, compared to N612.5 billion in 2023. In addition, profit attributable to non-controlling interests rose sharply to N23.6 billion from N6.8 billion, indicating improved performance across subsidiaries and affiliated entities.
Access Holdings’ balance sheet remained strong, with total assets growing by 56% to N41.5 trillion in 2024 from N26.7 trillion a year earlier. This expansion was supported by a 47% rise in loans and advances to customers, which reached N11.5 trillion as of December 31, 2024, up from N8.0 trillion in 2023.
Customer deposits also recorded significant growth, rising 47% year-on-year to N22.5 trillion from N15.3 trillion.
Despite the rapid loan book expansion, the group maintained stable asset quality, with the ratio of impaired loans to gross risk assets improving slightly to 2.76% from 2.78% in the prior year — reflecting effective risk management practices.
Capital and reserves also strengthened, with total equity attributable to equity holders increasing to N3.36 trillion from N2.08 trillion in 2023.
Meanwhile, The PUNCH reported that Access Holdings Plc has announced a delay in the filing of its audited 2024 financial results, following regulatory approval from the Central Bank of Nigeria.