Business

Access Holdings posts N642bn profit after tax, 88% gross earnings growth

Published

2 months ago

April 17, 2025

AccessBank

Access Holdings Plc says it recorded N642 billion as profit after tax in the full year of 2024, up from the N619.32 billion earned at the end of 2023.

In its audited financial statement for the year ended December 31, 2024, Access Holdings said the figure represents a 3.7 percent increase in profit after tax.

The group said its gross earnings grew by 88 percent year-on-year, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024.

“The strong performance was driven by diversified income streams, with interest income growing by 110% to N3.480 trillion and non-interest income increasing by 47.8% to N1.397 trillion, supported by robust retail banking activities, digital expansion, and a dynamic trading strategy,” Access Holdings said.

“Profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges.”

According to the statement, the bank’s total assets grew by 55.5 percent to N41.498 trillion and customer deposits rose by 47 percent to N22.525 trillion.

The financial institution said shareholders’ funds also increased by 72 percent, reaching N3.76 trillion.

In terms of economic sustainability, the statement noted that the bank recorded strong strides through its economic, social and governance (ESG) programmes.

“It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan,” the statement further reads.

“The Group also achieved a 13.4% reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses.

“Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction standards.”

The statement also noted that the bank posted significant gains across all performance metrics, “with interest income growing by 110% and fees and commissions rising by 81%”.

The organisation said international subsidiaries contributed 48.5 percent to the “banking segment’s PBT, demonstrating strong execution across key markets”.

In 2024, Access Holdings said it also became the first institution to comply with the Central Bank of Nigeria’s recapitalisation directive, raising N351 billion through a rights issue.

The group also said it paid N1.243 billion in penalties to regulatory authorities in 2024 for various infractions

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Business

Nigeria projected among top-five world’s biggest economies

Published

9 hours ago

June 28, 2025

Ekwutos Blog

Nigeria has been projected to be among the top five biggest economies in the world by 2075.

The Spectator Index disclosed in a post on Friday, quoting a Goldman Sachs’ document titled ‘The Path to 2075—Slower global growth, but convergence remains intact’.

According to the news platform, Nigeria’s economy is estimated to reach $13.1 trillion by 2075.

The report showed that Nigeria followed China ($57 trillion), India ($52.5 trillion), the United States of America ($51.5 trillion), and Indonesia ($13.7 trillion) in projected world’s biggest economies by 2075.

Data from the National Bureau of Statistics showed that Nigeria’s Gross Domestic Product grew by 3.84 percent in the fourth quarter of 2024. The country’s GDP is estimated to be $568 billion at the end of 2024 in real GDP terms.

Africa’s most populous nation is expected to reach a GDP estimate that could be $585.9 billion.

The development comes as the President Bola Tinubu administration projects a $1 trillion economy by 2030.

Meanwhile, financial analysts had expressed doubts over the possibility of Nigeria achieving a $1 trillion economy by 2030 when the country’s projected GDP growth rate is 3.2 percent.

Business

Dangote Sugar, Oando, other stocks push NGX to N1.185tn gains

Published

3 days ago

June 26, 2025

Ekwutos Blog

Oando, Dangote Sugar and other stocks have propelled Nigerian Exchange Limited, known as the Nigerian Stock Market, to a significant N1.185 trillion single-day gain.

Accordingly, NGX market capitalisation increased by 1.57 percent to reach N76.761 trillion, up from N75.576 trillion recorded on Tuesday.

Similarly, the All-Share Index (ASI) rose by 1,466.87 points, or 1.22 percent, settling at 121,257.69 from its previous close of 119,790.82.

Other stocks that fueled the bullish run on Wednesday are Cileasing, Champion Breweries, and 59 other stocks.

Consequently, Ekwutosblog reports that market breadth closed positive, with 63 gainers and 17 losers.

On the gainers’ table, Dangote Sugar rose by 10 percent, closing at N48.40, while Oando Plc also increased by 10 percent, settling at N68.75 per share. Then, Cileasing grew by 9.98 percent, finishing at N5.18, and Champion Breweries soared by 9.98 percent, ending the session at N10.91 per share.

Also, Computer Warehouse Group gained by 9.95 percent, closing at N11.60 per share.

Meanwhile, conversely, University Press dropped by 6.25 percent, finishing at N6.00, while RT Briscoe fell by 6.12 percent, closing at N2.30 per share.

Multiverse Mining declined by 4.89 percent, settling at N8.75, and Meyer shed 4.69 percent, ending the session at N9.15 per share.

In another level of analysis, a total of 861.67 million shares worth N26.18 billion were exchanged across 22,896 transactions.

This is compared to 868.68 million shares worth N23.71 billion that were traded across 22,207 transactions earlier.

Market data showed that transactions in the shares of Fidelity Bank topped the activity chart with 82.98 million shares worth N1.66 billion. Accordingly, Caverton Offshore Support Group followed with 64.18 million shares valued at N319.69 million, while Zenith Bank transacted 60.62 million shares worth N3.45 billion.

Also, Ja Paul Gold traded 56.26 million shares valued at N115.35 million, and Access Corporation sold 48.59 million shares worth N1.12 billion.