Access Holdings Plc has reported a strong start to 2026, posting a pre-tax profit of N272.21 billion for the first quarter ended March 31, an increase of 22.19% compared to the same period last year.
The unaudited results show that the group’s performance was largely driven by robust growth in non-interest income, which helped offset a decline in core interest earnings. Interest income fell by about 9% year-on-year to N895.03 billion, while non-interest income rose by 19% to N444.68 billion.
In Q1 2026, interest income declined by 8.73% year-on-year to N895.03 billion, while interest expenses edged up slightly by 1.91% to N556.17 billion. As a result, net interest income dropped significantly by 26.68% to N383.71 billion.
However, impairment charges surged by 239.04% to N73.81 billion, and despite this, net interest income after impairment increased by 33.57% to N262.05 billion. Non-interest income recorded strong growth of 19.03% to N444.68 billion, helping to support overall earnings.
Total operating expenses rose by 26.16% to N411.27 billion, while profit after tax climbed 18.49% to N216.54 billion. Earnings per share, however, declined by 24.49% to N3.69.
The decline in interest income was primarily linked to weaker earnings from loans and advances to customers, as well as a sharp drop in income from investment securities classified at fair value through other comprehensive income (FVOCI).
Interest income from loans fell by 27% year-on-year to N429 billion, while income from FVOCI securities dropped by 59% to N67 billion, down from N164 billion in Q1 2025.
On the cost side, interest expenses were moderated by lower payouts on customer deposits, which declined to N388 billion from N447 billion. This came despite a significant increase in total customer deposits, which rose by N392 billion to N34.95 trillion. Interest paid on deposits from other financial institutions and on issued debt securities also trended downward.
Despite pressure on interest income, net interest income after impairment grew by 34% year-on-year to about N265 billion, though it remained below non-interest income levels.
A major driver of non-interest income was foreign exchange gains from unhedged currency positions, which contributed N176 billion during the period. Combined with net interest income after impairment, total income for the quarter stood at N709.74 billion.
After accounting for operating expenses, including depreciation and amortisation of N437.53 billion, profit before tax settled at N272.21 billion.
On the balance sheet, total assets expanded by about 4%, largely supported by growth in customer deposits, which accounted for more than 65% of total assets.
Investment in securities rose by 3.11% and now represents 31% of total assets, while loans and advances to customers grew modestly by 1.55%, accounting for 25.33% of the asset base.
On the liabilities side, the group met the Central Bank of Nigeria’s new minimum capital requirements. Share capital and share premium increased by 3.55% to N616.02 billion, up from N594.90 billion as of December 2025.
Retained earnings rose by 19.36%, or N324 billion, to N1.997 trillion, pushing total shareholders’ funds to N4.397 trillion, compared to N4.326 trillion at the end of 2025.