Access Holdings Plc has reported a pre-tax profit of N272.21 billion for the quarter ended March 31, 2026, marking a 22.19% increase compared to the same period in the previous year.
The unaudited financial results show that the group’s performance was supported largely by growth in non-interest income, which helped offset weaker performance in interest-related earnings during the period under review.
Interest income declined by 8.73% year-on-year to N895.03 billion, while interest expenses rose slightly by 1.91% to N556.17 billion. This led to a 26.68% contraction in net interest income, which settled at N383.71 billion.
Impairment charges surged significantly by 239.04% to N73.81 billion, reflecting increased provisioning. Despite this, net interest income after impairment rose by 33.57% to N262.05 billion.
Brandspur Banking News Desk reports that non-interest income played a decisive role in sustaining profitability, rising by 19.03% year-on-year to N444.68 billion, driven by strong foreign exchange gains and related income streams.
Foreign exchange gains from unhedged positions contributed N176 billion to the revenue mix, reinforcing the group’s diversified earnings base. Overall, total income for the quarter stood at N709.74 billion when combined with net interest income after impairment.
Operating expenses rose by 26.16% to N411.27 billion, reflecting higher cost pressures across administrative and operational lines, alongside depreciation and amortisation expenses of N437.53 billion.
Despite rising costs, profit after tax increased by 18.49% to N216.54 billion, although earnings per share declined by 24.49% to N3.69, indicating pressure from cost expansion and earnings structure changes.
On the balance sheet, Access Holdings recorded a 4% increase in total assets, supported by growth in customer deposits, which rose by N392 billion to N34.95 trillion, representing over 65% of total assets.
Investment securities grew by 3.11% and now account for 31% of the asset base, while loans and advances to customers increased modestly by 1.55%, representing 25.33% of total assets.
Funding costs improved slightly as interest expenses on customer deposits fell to N388 billion from N447 billion, despite the rise in deposit volumes. Interest expenses on borrowings and debt instruments also recorded a decline.
The group confirmed compliance with the Central Bank of Nigeria’s revised minimum capital requirements, with share capital and premium rising by 3.55% to N616.02 billion. Retained earnings also increased by 19.36% to N1.997 trillion.
Consequently, total shareholders’ funds rose to N4.397 trillion, compared to N4.326 trillion recorded at the end of 2025, underscoring a stronger capital position despite earnings pressures.
Overall, the Q1 2026 results highlight a diversified earnings structure, where strong non-interest income and foreign exchange gains helped offset declining interest income within a challenging operating environment.
