Economy

Access Holdings’ Total Assets Grows to N41.1 Trillion in Q3

Published

3 months ago

November 5, 2024

Access Holdings Plc, one of Africa’s leading financial institutions, has announced its unaudited results for the third quarter ended September 30, 2024.

The financial results highlight the group’s continued growth momentum, emphasising resilience and sustainable performance as the Group works to deliver solid returns for its shareholders.

Gross revenue for the nine-month period rose by 114.5% year-on-year, climbing from ₦1.6 trillion in 2023 to ₦3.4 trillion in 2024. Interest income, a major driver of this growth, represented 70% of gross revenue at ₦2.4 trillion, while non-interest income contributed ₦1.0 trillion, marking an 87.2% increase due to higher transaction volumes on digital channels and other alternative platforms.

Despite inflationary pressures, the cost-to-income ratio remained stable at 60.8%, while profit before tax saw an 89.6% rise to ₦558.2 billion, and profit after tax rose 82.8% to ₦457.7 billion.

This robust performance translated to an annualised return on equity of 22.2%, with earnings per share up to ₦12.40.

Access Holdings reported significant gains in Q3 2024, driven by strong performance across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers.

The Group’s total assets surged to ₦41.1 trillion, up by 54.0% year-to-date, while shareholders’ equity grew by 51.0% to ₦3.3 trillion. Customer deposits saw an impressive rise of 45.4%, increasing from ₦15.3 trillion in December 2023 to ₦22.3 trillion by Q3 2024, while gross loans and advances grew 56.2%, reaching ₦13.9 trillion.

Access Bank continued its strong performance, with both interest and non-interest income contributing significantly to gross earnings.

Subsidiaries in the UK and across Africa performed particularly well, delivering 54.8% of the Banking Group’s profit before tax, an increase of 185.8% year-on-year.

The Group remains committed to expanding its footprint by offering tailored banking solutions in each region, enhancing customer experience, and advancing cross-border banking capabilities.

The non-banking subsidiaries of Access Holdings also delivered consistent growth.

Access ARM Pensions, following a merger with ARM Pensions, now oversees ₦3.1 trillion in assets under management. Hydrogen Payments processed ₦27.5 trillion in transactions, growing its operating profit by 516% year-on-year to ₦5.7 billion. Access Insurance Brokers, still in its first year of operations, posted a gross written premium of ₦8.3 billion and a profit before tax of ₦641 million.

New entrant, Oxygen X Finance, the group’s digital lending subsidiary, reported ₦2.1 billion in operating income and a profit before tax of ₦412 million.

Looking ahead, Access Holdings remains focused on enhancing profitability through diversified revenue streams across all markets.

The group is deeply committed to advancing sustainability, embedding environmental, social, and governance principles into its operations to foster positive community impact.

Through ongoing investments in employee development, Access Holdings is building a culture of innovation and excellence, further positioning the group as a driver of long-term value for its shareholders.

Economy

SEE Exchange Rates Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 28 January 2025

Published

15 hours ago

January 28, 2025

Naijablitznews

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Tuesday, January 28, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 28 January 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Tuesday, January 28, 2024, players bought a dollar for N1685 and sold it for N1700.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Tuesday, January 28, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

Economy

Naira rebounces against US Dollar, gains N10

Published

18 hours ago

January 28, 2025

Naijablitznews

The Nigerian Naira appreciated against the dollar in the parallel exchange market on Monday, recording a gain of ₦10.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, disclosed to DAILY POST that the Naira strengthened to ₦1,650 per dollar on Monday, compared to ₦1,660 recorded last Friday.

This improvement in the parallel market indicates a positive development for the local currency, which has faced persistent challenges in recent months.

However, in the official foreign exchange market, the Naira experienced a slight drop. According to data from the Financial Markets Dealers Quotation (FMDQ), the currency traded at ₦1,533.63 per dollar on Monday, compared to ₦1,531.20 last Friday, reflecting a marginal depreciation of ₦2.43.

The Naira’s performance continues to show mixed sentiments across different market segments. While the parallel market has seen a modest gain, the official window reflects a slight loss. This volatility underscores ongoing challenges despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency.

Recent Trends
Over recent months, the Naira has fluctuated in value due to a combination of factors, including fluctuating forex demand, limited dollar supply, and monetary policy adjustments. The CBN’s interventions, including forex reforms and measures to improve liquidity, have aimed to address these issues, though the currency continues to experience periodic pressure.

Economy

We’ll fix economy, security , fight corruption — VP Shettima

Published

22 hours ago

January 28, 2025

Kayode Sanni-Arewa

Vice President Kashim Shettima has assured Nigerians of the commitment of the ruling All Progressives Congress, APC, administration to fight corruption, fix the economy, improve national cohesion and strengthen the independence of the judiciary.

Shettima gave this assurance at the national conference on strengthening democracy in Nigeria on Monday in Abuja.

The conference themed, ‘Strengthening Nigeria’s democracy: Pathways to good governance and political integrity’,was organised by the African Centre for Leadership, Strategy and Development.

Shettima, who was represented by his Special Adviser on political issues, Hakeem Baba-Ahmed, admitted that while democracy is not a perfect system, compared to others, it is the best form of government.

“We will listen and adjust where necessary, and we will account for our stewardship in all matters our challenging democratic systems demand.

“I am convinced that Nigeria shall rise again, answer to its full potential and lead the way to a future that has learnt lessons from a difficult past into a world in which our country will be a key player, and our young will be active champions of a democratic system because it speaks to them.

“It has been said many times that democracy is an imperfect system, yet superior to all others.

“We will continue to seek to provide evidence of the values of the democratic systems by, among others, fixing major weaknesses of our economy, securing our communities, fighting corruption, supporting free and fair elections, strengthening the independence of the judiciary and improving national cohesion,” he said.

Shettima urged Nigerians to support the current administration in this challenging but ultimately rewarding journey, dtressing that the Bola Tinubu administration has a major interest in the quality of the democratic system.