Access Holdings Plc reported an 8.3 percent increase in profit before tax to N667.36 billion in the nine months ended September 2026, supported by lower impairment charges and growth in interest and fee income.
The financial services group’s unaudited results showed that profit after tax rose 5.95 percent to N474.17 billion from N447.55 billion in the corresponding period of 2025.
Impairment charges on financial assets declined 73.5 percent to N92.91 billion from N349.99 billion, lifting net interest income after impairment by 32.1 percent to N1.20 trillion.
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However, rising funding costs limited the benefit of higher lending income. Interest income increased 6.9 percent to N3.10 trillion, while interest expenses rose faster, by 10.1 percent to N1.81 trillion. Consequently, net interest income grew by just 2.7 percent to N1.29 trillion.
Interest earned on customer loans increased to N1.54 trillion from N1.38 trillion, while interest paid on customer deposits climbed to N1.25 trillion from N805.62 billion, reflecting the pressure of higher funding costs on the group’s earnings.
Fee income provided additional support, with fee and commission income rising 8.4 percent to N650.87 billion. After fee and commission expenses declined 6.9 percent to N115.93 billion, net fee and commission income increased 12.4 percent to N534.94 billion.
The group also recorded a strong sequential recovery in the third quarter, with profit before tax rising 78.4 percent to N253.23 billion from N141.92 billion in the preceding quarter.
Despite the improvement in core income, operating expenses increased 11.8 percent to N1.30 trillion, while other operating income fell 40.8 percent to N234.53 billion. This contributed to a 3.2 percent decline in total operating income to N2.06 trillion.
The group’s balance sheet showed that total assets increased 1.7 percent to N52.60 trillion as of September 30, 2026, from N51.71 trillion at the end of December 2025.
Customer deposits rose 6.6 percent to N36.85 trillion, while loans and advances to customers increased 7.4 percent to N14.33 trillion.
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The banking group remained the principal contributor to earnings, accounting for 96 percent of the group’s profit before tax during the period. Operations outside Nigeria generated 82.2 percent of the banking group’s profit before tax.
Commenting on the results, Innocent Ike, group managing director and chief executive officer, said the significant reduction in impairment charges, alongside growth in net interest income after impairment and net fee and commission income, demonstrated the resilience of the group’s core earnings base.
He said the group would continue to prioritise risk governance, regulatory compliance, disciplined capital allocation, operating efficiency and improved capital productivity to strengthen earnings quality and deliver sustainable shareholder returns.
Ayomide Odunlami is a Tax Reporter at BusinessDay, covering Nigeria’s tax reforms, compliance trends, and government revenue strategies. She reports on how evolving tax policies affect businesses, investors, and the broader economy, providing clarity on complex regulatory issues through data-driven journalism.
