Access Holdings Plc has released its audited half-year financial results for the period ended June 30, 2025, reporting a pre-tax profit of N320.57 billion, representing an 8.12% year-on-year (YoY) decline from N348.92 billion recorded in the corresponding period of 2024.
Similarly, post-tax profit fell by 23.25% YoY to N215.92 billion, compared to N281.33 billion in H1 2024.
However, top-line performance remained resilient, with gross earnings rising by 13.81% YoY to N2.50 trillion.
According to the Group, “The financial results for the half year ended June 30, 2025, reflect the resilience of our business model, the diversification of our revenue streams, and the steady progress in executing our five-year strategic plan.”
Cursory analysis
Access Holdings Plc’s overall performance in H1 2025 remained largely driven by its banking subsidiary, which accounted for the bulk of group profitability, posting a pre-tax profit of N303.0 billion and post-tax profit of N199.3 billion.
The group’s bottom-line performance continued to benefit from robust top-line growth, primarily supported by stronger interest income.
In the period under review, interest income contributed 82% to gross earnings, up from 67% in H1 2024, highlighting the bank’s increased reliance on core lending and investment activities amid a high-interest-rate environment.
Notably, interest income rose by 38.87% YoY to N2.04 trillion, representing more than 58% of the full-year 2024 interest income.
- A key driver of this growth was interest from loans and advances to customers, which rose by 36% YoY to N944 billion, accounting for 46% of total interest income, though slightly lower than 47.7% recorded in the same period last year.
- Another significant contributor was earnings from investment securities, where the Group earned N956.56 billion, up 46% YoY, representing about 47% of total interest income.
Core expense analysis
On the expense side, interest expense grew at a slower pace than interest income. Total interest expense stood at N1.10 trillion, representing a 10.53% year-on-year (YoY) increase compared to N958.73 billion recorded in H1 2024.
Interest on deposits, which accounted for over 85% of total interest expenses, rose by 9.04% YoY.
- Breaking it down, interest expense on customer deposits contributed N498.45 billion, up 21% YoY, while interest expense on financial institution deposits declined by 2% YoY to N407.10 billion, reflecting reduced funding cost from institutional sources.
On the funding side, customer deposits grew modestly by 1.69% within six months to N22.90 trillion, while deposits from financial institutions fell sharply by 47% to N4.94 trillion.
The wide spread between interest income and interest expense significantly boosted net interest income, which surged by 92% YoY to N984.63 billion in H1 2025.
However, impairment charges rose sharply by over 87% YoY to N230 billion, driven largely by higher provisions on loans and advances to customers, which jumped by about 240% YoY to N209 billion, reflecting the impact of credit risk adjustments.
Even with the elevated impairments, net interest income after impairment remained strong at N754.56 billion, representing a 93% increase from N390.65 billion recorded in H1 2024, reflecting strong core performance.
Non-interest income
Access Holdings also recorded solid growth in non-interest income, supported by higher fees and commission earnings and strong performances across its non-banking subsidiaries.
Fee and commission income rose across key lines, driven by:
- Credit-related fees and commissions: N114 billion, up 24% YoY.
- Channels and e-business income: N102 billion, up 38% YoY, reflecting increased digital transactions and customer activity.
Beyond the banking arm, the Group’s non-bank businesses continued to expand rapidly, contributing meaningfully to overall earnings diversification:
- Access ARM Pensions delivered 65.1% growth in PBT to N13.1 billion, with revenue up 29.9% to N21 billion.
- Hydrogen Payments, its financial technology subsidiary, posted a remarkable 273% rise in PBT and processed N41.1 trillion in transactions, up 211% YoY.
- Access Insurance Brokers achieved 161% PBT growth alongside a 125% increase in gross written premium.
- Oxygen X, the Group’s digital lending arm, generated N5.4 billion in revenue and N2.2 billion in PBT, reflecting growing adoption of its credit solutions.
However, despite the overall revenue gains, operating expenses trended higher, while a sharp 89% decline in fair value and foreign exchange gains down to N45.94 billion from N407 billion in H1 2024 appears to have been a major factor behind the decline in group profit for the period.
Balance sheet analysis
Access Holdings Plc’s total assets rose modestly by 2.29% YoY to N42.45 trillion as of June 30, 2025, largely supported by its strong deposit base of N22.91 trillion.
On the asset side, gross loans and advances to customers stood at N11.15 trillion, representing a 2.90% decline from the previous year.
The Group also maintained a solid liquidity position, with cash and cash equivalents rising by 10.09% to N5.75 trillion.
Key highlights (H1 2025 vs. H1 2024):
- Gross earnings: N2.499 trillion (+13.81% YoY)
- Interest income: N2.044 trillion (+38.87% YoY)
- Interest expenses: N1.060 trillion (+10.53% YoY)
- Net interest income: N983.63 billion (+91.79% YoY)
- Earnings per share (EPS): N3.71 (-51.12% YoY)
- Loans and advances to customers: N11.154 trillion (-2.90% YoY)
- Cash and cash equivalents: N5.748 trillion (+10.09% YoY)
- Total assets: N42.447 trillion (+2.29% YoY)
- Customer deposits: N22.905 trillion (+1.69% YoY)
On the market front, as of the close of trading on Friday, October 24, 2025, Access Holdings’ shares traded at N25 per share, representing a year-to-date gain of 4.82%.
The Group has met and surpassed the CBN’s recapitalization requirement, with share capital and share premium totaling N594.90 billion, well above the N500 billion threshold.
