Bamidele Famoofo
The gains of its rapid expansion outside the shores of Nigeria may have started trickling in as Access Holdings Plc recorded a 14.1 per cent year-on-year growth in gross earnings to N3.9 trillion in third quarter of 2025.
The Group’s audited financial figures for the review period made available on Thursday, showed that the strong performance was largely driven by its non-Nigerian subsidiaries, which together contributed over 50 per cent of consolidated results.
These subsidiaries continued to deliver strong growth across key metrics, reflecting the benefits of diversification and deepening franchise strength across our African markets. In comparison, the Nigerian operations experienced underperformance during the period, attributable to changing macroeconomic conditions, inflationary pressures, and continued regulatory adjustments. Despite these headwinds, the Group’s diversified structure continued to provide stability and resilience.
Return on average equity (ROAE) stood at 15.4 per cent in Q3 2025, down from 22.2 per cent in Q3 2024, while return on average assets (ROAA) also moderated to 1.3 per cent in Q3 2025 from 1.8 per cent in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6 per cent in Q3 2025 from 60.8 per cent as at Q3 2024.
Sunday Ekwochi, company secretary, Access Holdings Plc, commenting on the sterling performance of the foreign subsidiaries and their contributions to the consolidated results of the group disclosed that better attention will be accorded them.
“Looking ahead, Access Holdings will continue to strengthen our franchise across all our markets and businesses, deepen operational resilience, and create sustainable value for all our stakeholders,” he said.
A closer look into the Q3 performance showed that it was driven by sustained growth in both interest and fees and commission, reflecting the strength of the Group’s diversified earnings base and improved performance from core operations across its banking and non-banking businesses.
Maintaining the same momentum, gross earnings rose by 56.2 per cent quarter-on-quarter from N2.5trillion as at Half Year (H1) 2025.
Interest income rose by 21.1 per cent year-on-year to N2.9 trillion in Q3 2025, compared to N2.4 trillion in Q3 2024. Net interest income also increased by 48.9 per cent to N1.3 trillion from N845 billion in the same period. This performance was driven by loan book expansion, reflecting our disciplined risk management approach and a strategic focus towards higher-yielding, quality assets to strengthen portfolio returns.
On a quarter-on-quarter basis, interest income and net interest income grew by 42.1 per cent and 27.8 per cent, respectively, from N2.0 trillion and N984 billion in H1 2025.
There was 44.3 per cent growth in net fee and commission to N476billion in Q3 2025 from N330billion in Q3 2024, reflecting higher transaction volumes and increased customer activity across digital and payment channels across both periods.
On a quarter-on-quarter basis, net fee and commission income also increased by 100.8 per cent from N237billion in H1 2025.
While total non-interest income declined marginally by 8.1 per cent to N872 billion in Q3 2025 from N984trillion in Q3 2024, the Group’s growth momentum from core operations continues to support overall earnings trajectory.
Operating income rose 18.8 per cent to N2.13 trillion in Q3 2025 from N1.8trillion in Q3 2024.
Impairment on loans increased by 141.5 per cent to N350billion as of Q3 2025 from N145billion in Q3 2024.
Operating expenses increased marginally by 6.7 per cent in Q3 2025 to N1.2trillion from N1.1trillion in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6 per cent in Q3 2025 from 60.8 per cent as at Q3 2024, as revenue growth outpaced operating expenses. The Holdco expects cost-to-income ratio to stay moderated from ongoing efficiency initiatives, cost optimization measures, and stronger revenue across the Group.
Profit before tax (PBT) increased by 10.4 per cent to N616billion in Q3 2025 from N558billion in Q3 2024. Profit after tax moderated to N447billion in Q3 2025 from N458billion in Q3 2024.
Compared to H1 2025 performance, profitability demonstrated resilience, as profit before tax (PBT) increased by 91.9 per cent from N321billion in H1 2025 YTD to N616billion in Q3 2025. Profit after tax (PAT) also showed improvement in the period with a 107.9 per cent increase to N447billion in Q3 2025 from N215 billion as at H1 2025 YTD.
The Group’s balance sheet increased with total assets growing by 25.8 per cent to N52.0trillion in Q3 2025 from N41.5trillion in FY 2024. The growth in balance sheet was supported by customer deposits, which grew by 47.0 per cent to N33.1trillion in Q3 2025 from N22.5trillion in FY 2024. Loans and advances increased by 19.7 per cent to N15.6trillion in Q3 2025 from N13.0trillion in Q3 2024. The Group is positioned to unlock revenue synergies, enhance cross-border collaboration, and drive sustainable earnings growth.
