Access Holdings has recorded a solid performance with total assets reaching N32.6 trillion as of March 31, 2024 which represents a whopping 22% increase from N26.7 trillion recorded as of December 31, 2023.
The result is contained in the company’s unaudited financial results for the first quarter of 2024 released on the NGX.
In the same period, the bank recorded 148% year-on-year growth in its pre-tax profit to N202.7 billion from N81.7 billion as of Q1 2023.
The growth in pre-tax profit was linked to the 189% YoY growth in its net interest income to N275.7 billion from N95.3 billion as of Q1 2023. The net impairment charges on financial assests grew by 22% which is N22.8 billion.
Its profit for the period had 122% increase resulting to N159.3 billion, while earnings per share has N4. 35 trillion an increase of 111%. Total deposits gained 25% increase to N24.7 trillion and loan and advances recorded N10.9 trillion, a 22% increase.
Access Bank is Nigeria’s largest bank by total assets but has seen a rapid growth in total assets in the last 5 years since the merger with Diamond Bank.
This performance was significantly driven by a sharp increase in net interest income, which surged from N95.2 billion to N275.7 billion. This rise was primarily attributed to the income derived from loans extended to its customers.
Additionally, the bank experienced a substantial growth in its net fees and commissions income, which doubled year-on-year to N86.8 billion.
In terms of investments, the group’s securities portfolio expanded by 60% over the quarter, reaching N8.5 trillion up from N5.3 trillion as of December 31, 2023.
Similarly, the total treasury bills portfolio grew by 61% to N4.3 trillion, up from N2.7 trillion at the beginning of the quarter. Treasury bills constituted more than half of the group’s total investment securities, highlighting the bank’s preference for short-term debt instruments.
Furthermore, the group’s retained earnings rose to N884.9 billion, up from N715.1 billion at the start of the year.
A notable net foreign exchange gain of N215 billion during the quarter also led to an increase in the group’s foreign currency translation reserve, which grew to N739 billion.