HomeBusinessAccess Holdings Profit Falls 23 Percent Despite Rise in Earnings

Access Holdings Profit Falls 23 Percent Despite Rise in Earnings

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KEY POINTS


  • Access Holdings profit down 23 percent amid higher costs.
  • Impairment charges and weak forex gains hit earnings.
  • Group focuses on capital strength and digital expansion.

Access Holdings Plc, managed by Nigerian banker Aigboje Aig-Imoukhuede, revealed mixed financial results for the first half of 2025, as rising sales failed to overcome a significant profit loss.

For the six months ended June 30, the financial services group saw a 13.8 percent increase in gross earnings to N2.49 trillion ($1.7 billion), up from N2.19 trillion ($1.5 billion) a year earlier. However, profit after tax dropped 23.3 percent to N215.9 billion ($147.5 million), compared with N281.3 billion ($192.7 million) in the same period of 2024.

The reduction was led by a sharp dip in foreign exchange gains, which plunged from N406.91 billion ($279.2 million) to N45.94 billion ($30.8 million). Impairment charges on financial assets nearly rose to N230.07 billion ($157.8 million), further impacting profitability.

Higher expenditures impinge on performance

Rising personnel and tax expenses also hampered profits. Staff costs rose from N158.8 billion ($108.8 million) to N229.2 billion ($157.1 million), while income tax expenses increased to N104.6 billion ($71.7 million), up from N67.6 billion ($46.3 million). Other operating costs remained largely flat at N513.3 billion ($352 million).

Despite the drop in profit, Access Holdings maintained balance sheet strength. Total assets expanded marginally to N42.45 trillion ($28.8 billion) from N41.49 trillion ($28.4 billion) at the end of 2024, while retained earnings climbed to N1.34 trillion ($919.4 million).

Access Holdings strengthens capital for long-term growth

The Lagos-based group, which serves over 60 million customers across 20 countries, said it remains focused on building a stronger capital base and sustainable income streams.

Billionaires Africa reports that since Aig-Imoukhuede’s return as group chairman in 2024, Access Holdings has been expanding its digital banking footprint and reinforcing its risk management framework.

“We remain committed to disciplined portfolio management, risk control, and sustainable profitability,” the group said in its earnings statement, adding that continued investment in efficiency and innovation will support long-term growth.

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