Prime Business AfricaAccess Holdings grew its interest income by 36.28 percent to N980.67 billion in the first quarter (Q1) of 2025, compared to N719.59 billion reported in the corresponding period in 2024.
The company announced the increase in its consolidated and separate interim financial statements for the year ended March 31, 2025, and also disclosed that interest expense rose to N760.46 billion in Q1 2025, surpassing the N443.88 billion posted in Q1 2024.
Join our WhatsApp ChannelThis followed a 2.25 percent year-on-year increase in Access Holdings’ deposits from customers, as it increased from N22.52 trillion to N23.03 trillion.
Prime Business Africa gathered that the 71.32 percent increase in interest expense led to Access Holdings’ net interest income declining by 20.13 percent year-on-year from N275.71 billion to N220.20 billion.
However, the lender saw its fee and commission income rise by 55.25 percent to N174.47 billion in the first quarter of this year, from N112.37 billion reported in the same period last year.
Also, fee and commission expense grew by 10.70 percent year-on-year from N25.52 billion to N28.25 billion, according to the company’s financial statements.
Consequently, Access Holdings recorded N146.22 billion as net fee and commission income for the period ended March 31, 2025, compared to the N86.85 billion filed in Q1 2024, reflecting an increase of 68.35 percent.
Access Holdings also reported a double-digit growth in fair value and foreign exchange gain, which grew by 79.81 percent year-on-year from N119.22 billion to N214.39 billion.
However, other operating income declined by 44.30 percent to N12.83 billion in Q1 this year, against the N23.03 billion reported in the first quarter last year.
Nevertheless, Access Holdings squeezed out a 9.88 percent increase in its profit before tax (PBT), which grew from N202.73 billion in Q1 of 2024 to N222.78 billion during the period under review.
Its bottom line was further supported by a 7.87 percent decrease in its income tax, as Access Holdings filed N40.02 billion tax charge in Q1 2025, compared to the N43.45 billion posted in Q1 2024.
Consequently, Access Holdings’ profit for the period increased by 14.73 percent year-on-year from N159.28 billion to N182.75 billion.
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