Access Holdings Plc has posted another strong performance despite Nigeria's economic turbulence, reporting gross earnings of N3.9 trillion for the nine months ended September 30, 2025 -- up 14.1% from N3.4 trillion a year earlier.
The results highlight the success of its pan-African diversification strategy, which continues to shield the Group from domestic economic headwinds.
Once a traditional Nigerian lender, Access Holdings has evolved into a continental financial powerhouse with a presence in more than a dozen African markets and expanding global reach.
This transformation is now paying off: its diversified earnings base has kept growth steady even as Nigeria grapples with inflation, currency volatility, and regulatory pressure.
Compared with the first half of 2025, gross earnings jumped 56.2% from N2.5 trillion, showing strong momentum through the third quarter.
Core earnings remain solid
Access Holdings' performance was anchored by strong contributions from its interest income and fee-based activities. Interest income climbed 21.1% year-on-year to N2.9 trillion from N2.4 trillion, boosted by loan growth and higher asset yields.
The Group's disciplined risk management and focus on quality lending helped sustain margins in a high-rate environment.
Net interest income surged by nearly 49% to N1.3 trillion, compared with N845 billion in Q3 2024, and was up almost 28% from mid-year levels.
The growth came despite Nigeria's rising cost of funds, which has strained many competitors.
Fee and commission income also performed impressively. It rose 44.3% to N476 billion from ₦330 billion a year earlier, reflecting increased customer activity across digital, trade, and payment channels.
Sequentially, this income line doubled from the first half, underscoring Access Holdings' expanding transactional franchise.
Total non-interest income, however, dipped slightly by 8.1% to N872 billion, largely due to lower trading and FX revaluation gains. Still, the Group's strong core banking revenue offset this weakness.
Profitability withstands macro pressures
Access Holdings' profit before tax rose 10.4% year-on-year to N616 billion, while profit after tax stood at N447 billion -- marginally below N458 billion a year earlier, due mainly to higher loan impairment charges.
Quarterly comparisons tell a more optimistic story: PBT nearly doubled from N321 billion in the first half, while PAT surged 108 per cent from N215 billion, reflecting improved efficiency and earnings quality.
Loan impairments rose sharply to N350 billion from N145 billion, as the Group made prudent provisions in response to inflation, naira depreciation, and softer corporate cash flows. Despite this, operating expenses were well controlled, rising only 6.7 per cent to N1.2 trillion. As a result, Access Holdings' cost-to-income ratio improved to 54.6 per cent from 60.8 per cent, a clear sign of growing operational efficiency.
Assets expand to N52 trillion
Access Holdings' balance sheet continues to strengthen. Total assets climbed 25.8 per cent to N52 trillion, up from N41.5 trillion at the end of 2024. Customer deposits rose by an impressive 47 per cent to N33.1 trillion, supported by rising retail participation and strong confidence in the Group's stability.
Loans and advances expanded 19.7 per cent to N15.6 trillion, highlighting the Group's continued support for businesses and individuals across markets. Access Holdings' capital buffers and liquidity position remain robust, reinforcing its position as Nigeria's largest financial institution by assets and a key player in Africa's banking landscape.
Foreign subsidiaries now lead earnings
Perhaps the most defining feature of the Q3 results is the dominance of non-Nigerian subsidiaries.
For the first time, offshore operations contributed more than half of the Group's total earnings -- evidence that Access Holdings' international expansion is delivering real value.
Subsidiaries in Ghana, Kenya, South Africa, Zambia, and Mozambique recorded double-digit growth in income and deposits, benefiting from rising regional trade flows and expanding digital penetration.
These markets helped offset the impact of Nigeria's inflation, foreign exchange volatility, and regulatory adjustments on the Group's domestic operations.
Analysts say this diversification is paying off. "Access Holdings' offshore subsidiaries are now major earnings drivers," said Johnson Adebayo, a Lagos-based investment analyst.
"The Group's ability to maintain profitability in a weak domestic economy highlights the strength of its strategy."
Mariam Okon, a financial consultant, added that Access Holdings' balance sheet growth is "exceptional," noting that "a 47 per cent rise in deposits within nine months shows deep customer confidence."
Strategic outlook: Building a continental leader
Looking ahead, Access Holdings plans to deepen its presence across existing markets, strengthen its digital and payments ecosystems, and expand its trade finance and cross-border services. The Group is investing in technology and innovation to enhance customer experience and operational agility.
"Access Holdings will continue to strengthen our franchise across all markets, deepen operational resilience, and create sustainable value for all stakeholders," the Group said in its outlook statement.
With African economies gradually stabilising and intra-African trade expected to grow under the African Continental Free Trade Area (AfCFTA), Access Holdings' pan-African reach gives it a strategic edge.