Access: Nigeria’s Largest Bank’s Net Interest Income Surge
Access Holdings Plc's audited financial statement for the fiscal year 2024 reveals a 3.7 percent increase in profits year over year
Access Holdings Plc’s audited financial statement for the fiscal year 2024 reveals a 3.7 percent increase in profits year over year. According to details from the audited report, the company’s profit for the year rose to N642.217 billion, up 3.6964 percent from N619.324 billion in 2023.
The Nigerian lender posted a pre-tax profit of N867 billion in 2024, up from N729 billion in the previous year. Profit after tax increased by less than 4 percent year over year, from N619.324 billion in 2023 to N642.217 billion at the end of 2024, attributed to higher tax expenses.
Nigeria’s biggest bank by total assets’ net interest income surged by 82% year over year in a high-interest-rate environment that boosted the value of the loan book, reaching N1.268 trillion in 2024 compared to N695.360 billion in 2023. Consequently, due to increased activity levels, net fees and commission income doubled during this period.
The Nigerian tier 1 bank reported net fees and commissions of N415.241 billion, reflecting a 100% year-over-year increase from N207.782 billion in 2023.
However, foreign currency assets and asset revaluation gains declined to N415.804 billion in 2024 from N628.931 billion after the Central Bank of Nigeria issued a circular directing banks to reduce their net open positions.
The year-over-year growth in other operating expenses correlates with a significant rise in personnel costs for the financial services group
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