Access Holdings Plc, Nigeria’s leading financial services group by total assets, posted a 14.7% year-on-year growth in its profit after tax for the first quarter of the 2025 financial year, as indicated by its unaudited financial results.
According to the group’s unaudited Q1 financial statement, profit after tax rose to ₦182.75 billion, compared to ₦159.29 billion reported in the same period of 2024. However, net interest income took a hit, declining by 10% year-on-year to ₦220.206 billion from ₦275.719 billion in Q1 2024.
The drop in net interest income was further impacted by a reduction in impairment charges, leading to a 21.54% decrease in net interest income after impairment, which dropped from ₦252.925 billion in Q1 2024 to ₦198.436 billion in Q1 2025.
Despite the drop in income from interest-earning assets, Access Holdings witnessed a substantial surge in non-interest income during the quarter. The bank reported a 68.4% jump in net fees and commission income, reaching ₦146.224 billion, up from ₦86.856 billion recorded in the corresponding quarter of 2024.
Although the group saw a rise in operating expenses during the period under review, profit before tax still climbed to ₦222.782 billion, reflecting a 9.88% year-on-year growth from ₦202.738 billion in the previous year’s Q1.
The bottom line was further supported by reduced tax obligations in Q1 2025. The group’s financial statement showed that profit after tax increased significantly by 20.77% year-on-year, from ₦159.282 billion in Q1 2024 to ₦182.753 billion in the same period of 2025.
