Access Holdings PLC has reported impressive financial results for the full year ending December 31, 2024, marking a year of substantial growth and strategic expansion. The Group's gross earnings surged by 88% year-on-year, reaching N4.878 trillion, a significant leap from the N2.594 trillion recorded in 2023. This growth was primarily fueled by robust retail banking activities, digital expansion, and a dynamic trading strategy.

Interest income saw a remarkable increase of 110%, climbing to N3.480 trillion, while non-interest income rose by 47.8% to N1.397 trillion. Despite prevailing inflationary pressures and macroeconomic challenges, Access Holdings managed to increase its profit before tax by 19% to N867.0 billion. Profit after tax stood at N642.2 billion, underscoring the Group's resilience and effective management.

The Group's total assets grew significantly by 55.5%, reaching N41.498 trillion. Customer deposits also increased substantially by 47% to N22.525 trillion, reflecting strong customer confidence and the effectiveness of the Group's deposit mobilization strategies. Shareholders' funds rose by 72%, reaching N3.760 trillion, indicating enhanced financial stability and investor confidence.

Beyond financial achievements, Access Holdings demonstrated a strong commitment to social and environmental impact across the African continent. Through various corporate social responsibility initiatives in education, health, entrepreneurship, and environmental sustainability, the Group reached over 21 million people. Access Bank, the flagship subsidiary, disbursed loans to over one million women-led SMEs through its W-Initiative, reinforcing its dedication to financial inclusion and gender empowerment.

Access Holdings' efforts have been recognized with numerous awards, including three Euromoney Awards for Excellence, one of which was ‘Best Bank for ESG’. The Group also received accolades from International Finance and World Economic Magazine for its contributions to community development and sustainability. ESG achievements include facilitating $437.42 million in DFI inflows to support MSMEs across Africa, providing 1.6 million digital loans to low-income individuals, and pioneering Nigeria’s first diaspora mortgage loan worth N1.4 billion.

In its commitment to environmental sustainability, Access Holdings recorded a 13.4% reduction in operational emissions, planted over 57,000 trees, and supported solar power installation for 226 homes and businesses. Access Bank’s headquarters also earned the IFC EDGE Green Building Certification, marking a milestone in sustainable construction and design. Staff members contributed 228,500 volunteer hours to community development, further demonstrating the Group's commitment to social responsibility.

Access Bank has also expanded its international presence, launching operations in Hong Kong, securing regulatory approval in Malta, and integrating operations in Zambia and Tanzania. International subsidiaries accounted for 48.5% of the banking segment’s profit before tax, highlighting strong performance across diverse markets.

Access Holdings achieved a significant industry milestone by becoming the first financial institution to meet the Central Bank of Nigeria’s recapitalization directive, raising ₦351 billion through a rights issue. These funds are earmarked for enhancing digital infrastructure, bolstering liquidity, and supporting long-term growth.

Despite these successes, Access Holdings' net profit margin experienced a decline, standing at approximately 13.2%, a notable decrease from the previous year's 24%. This was primarily due to a surge in interest expenses, which increased by 130.7% to N2.2 trillion, consuming 63.6% of the interest the group earned during the year. In comparison to other major banks in Nigeria, Access Holdings' profitability metrics lagged behind, with GTCO, Zenith, UBA, and First Holdco reporting net profit margins of 47.4%, 26%, 24.1%, and 21.6%, respectively.

In 2024, Access Holdings strategically expanded its operations through acquisitions and new ventures, including completing four banking acquisitions in Angola, Sierra Leone, Tanzania, and Zambia, and closing deals to buy out three banks in Kenya, Mauritius, and Uganda. The corporation also secured approval to establish a subsidiary in Namibia and launched Oxygen, its consumer lending division. Additionally, it consummated a business combination of its pensions arm and ARM Pensions Manager and acquired Megatech Insurance Brokers.

Looking ahead, Access Holdings remains focused on delivering sustainable value to shareholders and the wider society through continuous innovation, cross-border expansion, and impactful investments in people and the planet. The Group aims to become one of Africa’s top five biggest lenders by 2027, with a strategic emphasis on Southern Africa, where it is eyeing further acquisitions in key markets. As part of its growth strategy, Access Bank plans to raise fresh capital through debt sales to development finance institutions and retail investors.

The company has proposed a final dividend of N2.05 per ordinary share on its proposed 53,317,838,433 ordinary shares of 50 kobo each. The Group’s earnings per share remained at N1,671 for the two years running, and its Return on Equity fell to 17.1 per cent from 29.4 per cent a year ago.