Access Holdings posts ₦272bn Q1 profit as earnings remain resilient despite rising costs

Josiah Nkemakolam

Access Holdings Plc has reported a strong set of unaudited results for the three months ended March 31, 2026, with profit before tax rising to ₦272.21 billion, compared to ₦222.78 billion in the corresponding period of 2025. The performance underscores continued resilience in the group’s core banking operations despite a challenging macroeconomic environment.

Gross earnings remained robust, supported by solid interest income, although the figure moderated to ₦824.75 billion from ₦964.57 billion recorded a year earlier. The decline reflects shifts in yield dynamics and portfolio rebalancing. However, improved cost management and balance sheet optimization helped sustain profitability, with net interest income climbing to ₦338.86 billion from ₦220.21 billion.

The group recorded a significant increase in impairment charges on financial assets, which rose to ₦73.81 billion from ₦21.77 billion in the prior period. Despite this, net interest income after impairment stood at ₦265.05 billion, indicating the bank’s ability to absorb higher credit risk costs while maintaining earnings stability.

Non-interest revenue streams continued to strengthen, with net fee and commission income increasing to ₦169.24 billion from ₦146.22 billion. In addition, other operating income rose sharply to ₦51.68 billion, reinforcing the group’s diversified income base and reduced reliance on traditional lending activities.

Operating expenses grew in line with expansion and inflationary pressures. Personnel expenses increased to ₦131.64 billion, while other operating expenses rose to ₦271.57 billion. Depreciation and amortisation charges also edged higher, reflecting ongoing investments in technology and infrastructure.

Profit after tax for the period stood at ₦216.54 billion, compared to ₦182.75 billion in 2025, even after accounting for income tax expenses of ₦49.07 billion and a minimum tax charge of ₦6.60 billion. Profit attributable to equity holders of the parent rose to ₦200.53 billion, highlighting improved returns to shareholders.

However, total comprehensive income declined significantly to ₦126.02 billion from a negative ₦39.58 billion in the previous year, largely impacted by adverse movements in other comprehensive income components, including fair value and foreign currency translation adjustments.

On the balance sheet, total assets expanded to ₦53.44 trillion as at March 31, 2026, up from ₦51.56 trillion at the end of December 2025. The growth was driven by increases in investment securities, loans and advances to customers, and cash balances with banks, reflecting continued business expansion.

Customer deposits remained the primary funding source, rising to ₦34.95 trillion from ₦34.56 trillion, while total liabilities increased to ₦49.04 trillion. Shareholders’ equity improved to ₦4.40 trillion, supported by retained earnings growth, although non-controlling interest declined during the period.

Overall, the results highlight Access Holdings’ sustained growth trajectory, strong earnings capacity, and expanding balance sheet, even as it navigates heightened credit risk and cost pressures in Nigeria’s evolving financial landscape.