Access Holdings continues to expand its footprint across Africa.
Nigeria’s biggest banking institution, Access Holdings, has reported a record-breaking net profit of N743 billion for the financial year, marking its highest performance ever.
The strong result was driven largely by a surge in fair value and foreign exchange gains, with overall earnings rising 16 per cent compared to the previous year.
The banking group remains a standout among Nigeria’s largest lenders.
The performance places Access Holdings ahead of many of its peers in the so-called FUGAZ group, most of whom recorded profit declines amid rising costs and weaker interest income growth.
Access Bank Nigeria and its UK subsidiary accounted for a dominant 89.2 per cent of total profits, underlining their central role in the group’s earnings structure.
“Strong FX gains and expansion across markets positioned Access Holdings as an outlier among Nigeria’s top banks.”
However, not all regions performed strongly. The group’s South African and Kenyan operations recorded net losses of N21.7 billion and N12.2 billion respectively, reflecting high operating costs in those markets.
Gross earnings rose 13.3 per cent to N5.5 trillion, supported by aggressive expansion across Africa.
Banking sector dynamics remain challenging despite strong results.
During the year, the group completed several major acquisitions, including a 74.9 per cent stake in Standard Chartered Bank’s Gambian subsidiary, alongside expansion into Tanzania and Mauritius.
Net interest income climbed to N1.4 trillion, while fee and commission income surged to N585.1 billion.
However, impairment charges more than doubled to N523.6 billion, reflecting increased provisioning for potential loan losses.
“Fair value and FX gains exceeded N1 trillion, driving the bank’s record profitability.”
Pre-tax profit reached N1 trillion, up from N867 billion, while total assets expanded significantly to N51.6 trillion.
The results highlight Access Holdings’ continued growth strategy, combining geographic expansion with diversified financial services.
(Source: Company Financial Statement)
🤔 Question Board
Is Access Holdings’ strong performance sustainable, or heavily dependent on FX gains?
While FX gains boosted profitability, long-term strength will depend on stable core banking income and cost control across international operations.