Last Update 02 Nov 25
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ACCESS HOLDINGS PLC Q3 Result – Sustained Earnings Growth Anchored by Strong Interest Income and Balance Sheet Expansion Amid Macroeconomic Pressures
Executive Summary
Access Holdings Plc (“Access Holdings” or “the Group”) delivered a resilient financial performance for the nine-month period ended September 30, 2025, characterized by solid revenue growth, strengthened balance sheet, and sustained earnings momentum from core banking and non-banking operations across its diversified African footprint.
Gross earnings increased by 14.1% YoY to ₦3.9 trillion, driven primarily by robust interest income growth (+21.1% YoY) and a strong 44.3% rise in net fees and commissions, reflecting expanding customer activity and higher transaction volumes across digital and payment channels.
Despite elevated impairment charges and FX-driven volatility impacting non-interest income, the Group’s profit before tax rose 10.4% YoY to ₦616 billion, underscoring resilient business fundamentals and disciplined balance sheet management. While profit after tax moderated slightly by 2.2% YoY to ₦447 billion, the Group remains well-positioned to sustain medium-term profitability, evidenced by continued expansion across its international subsidiaries and growing contribution from non-banking businesses.
Total assets expanded 25.8% YTD to ₦52.2 trillion, underpinned by a strong 47.0% growth in customer deposits, reflecting deepening customer trust and franchise strength across operating geographies. The Group continued to optimize efficiency, with the cost-to-income ratio improving to 54.6% from 60.8% in 2024.
Financial Highlights — Statement of Profit or Loss
₦’ million 9M 2025 9M 2024
Interest Income 2,904,220 2,397,940
Interest Expense (1,646,281) (1,553,099)
Net Interest Income 1,257,940 844,841
Impairment Charge (349,985) (144,949)
Net Fee & Commission Income 475,919 329,899
Other Income 396,255 619,177
Operating Expenses (1,164,180) (1,091,153)
Profit Before Tax 616,248 558,177
Profit After Tax 447,548 457,744
Earnings Per Share (Kobo) 800 1,240
Revenue Performance
- Gross earnings rose 14.1% YoY to ₦3.9 trillion
- Interest income up 21.1% YoY, supported by:
- Loan book expansion (+19.7%)
- Shift toward higher-yield risk-adjusted assets
- Net fees and commissions up 44.3% YoY on:
- Digital channel volume growth
- Payments and trade finance momentum
- Non-interest income moderated 8.1% YoY due to lower fair value and FX gains vs. prior year
Access Holdings maintained strong commercial momentum as transaction volumes and cross-border banking activities expanded, reinforcing non-interest revenue diversification.
Profitability and Margins
- PBT grew 10.4% YoY, driven by strong net interest income
- PAT declined 2.2% due to higher tax charge and impairment growth
- Net interest income surged 48.9% YoY reflecting pricing discipline and asset repricing strategy
- Impairment charges rose 141.5% YoY, reflecting prudent provisioning amid macro headwinds
- CIR improved to 54.6% (FY2024: 60.8%) on enhanced operational efficiency
Operational momentum remained robust despite provisioning pressures linked to inflation, FX volatility, and tighter regulatory oversight in domestic operations.
Balance Sheet Overview
₦’ million Sep 2025 Dec 2024 Δ%
Total Assets 52,195,257 41,498,015 +25.8%
Customer Deposits 33,101,559 22,524,925 +47.0%
Loans & Advances 15,636,156 13,066,604 +19.7%
Shareholders’ Equity 3,979,472 3,760,179 +6.4%
Interpretation
- Balance sheet expansion driven by increased customer funding and loan growth
- Strong liquidity position to support growth initiatives
- Capital base strengthened, supporting regulatory buffers and expansion
- Non-Nigerian operations now contribute >50% of consolidated performance, enhancing earnings stability
Key Ratios & Indicators
Metric 9M 2025 9M 2024
ROAE 15.4% 22.2%
ROAA 1.3% 1.8%
Cost-to-Income 54.6% 60.8%
Efficiency gains offset macro drag, but return ratios moderated due to asset growth and higher provisioning.
Strategic Insights
- Business diversification continues to buffer domestic macro pressures
- International subsidiaries driving more than half of Group earnings
- Enhanced digital adoption and payments ecosystem deepening revenue pool
- Targeted asset growth supporting higher yield generation
- Capital and liquidity positioned to sustain regional expansion strategy
Strengths
- Strong deposit franchise and liquidity buffers
- Diversified income streams across geographies and segments
- Scale advantage reinforced by digital leadership
- Improving cost efficiency metrics
Weaknesses
- Elevated ECL charges due to macro pressures
- Decline in FX and fair-value income vs. prior periods
- Nigeria operating environment remains challenging
Outlook
Access Holdings is positioned for continued earnings resilience driven by digital innovation, regional diversification, and disciplined asset growth. Management expects:
- Sustained loan growth supported by strong deposit inflows
- Further efficiency improvements
- Continued expansion in African markets and non-banking verticals
- Prudent provisioning amid macroeconomic volatility
Inflation, currency volatility, and regulatory dynamics remain key sensitivity risks; however, the Group’s diversified structure provides a natural earnings hedge.
Analyst View
“Access Holdings delivered solid operational performance despite a challenging macro backdrop. Strong net interest income, improved cost efficiency, and expansion across African markets underpin resilience. While higher impairments and weaker non-interest income weighed on earnings, the Group's diversified business model and accelerated digital scale-up position it for sustainable long-term value creation.”
Conclusion
Access Holdings Plc reported a robust 9M 2025 performance supported by strong balance sheet growth, rising interest income, and operational efficiency gains. Although profitability was moderated by impairments and macro pressures, the Group’s diversified earnings engine, strong deposit mobilization, and international expansion strategy reinforce its long-term earnings trajectory and franchise strength.
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