Prime Business AfricaAccess Holdings’ bottom line in 2024 did not match the performance of 2023, despite posting an impressive top line last year.
Analysis of Access Holdings’ consolidated and separate financial statements for the year ended December 31, 2024, by Prime Business Africa showed gross earnings reached N4.87 trillion in 2024, 88 percent higher than the N2.59 trillion posted the previous year.
Join our WhatsApp ChannelThe company also saw a 110.38 per cent increase in interest income, which rose from N1.65 trillion to N3.48 trillion.
This was, however, eclipsed by a 130.70 per cent increase in interest expense, with Access Holdings incurring N2.21 trillion last year, up from N958.98 billion in 2023.
Consequently, Access Holdings reported net interest income of N1.26 trillion in 2024, compared to N695.36 billion the previous year, reflecting an increase of 82.35 per cent year-on-year.
The upward swing, however, was halted by the company’s foreign exchange (FX) gain after it declined from N628.93 billion to N415.8 billion – decreasing by 33.88 percent, compared to the 87.43 per cent increase recorded in 2023.
With the decline, the financial institution’s profit before tax (PBT) grew by 18.93 per cent in 2024, compared to the 334.75 percent growth registered the year before.
According to the financials, the company recorded N867.01 billion PBT last year, against the N729 billion profit after tax posted in 2023.
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The profit dropped further as Access Holdings registered N224.80 billion in tax, up from N109.67 billion paid as tax the previous year.
After the exclusion of tax for the reviewed period, Access Holdings reported a meagre 3.69 percent growth in net income, which is significantly lower than the 306.9 percent increase reported in 2023.
The marginal growth pushed the company’s profit after tax from N619.32 billion to N642.21 billion within the reviewed period.
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