Access Holdings Plc, the parent company of Access Bank, has reported that it recorded a gross revenue of N3.4 trillion in 2024.

This represents a 114.5% increase from the N1.6 trillion in nine months of 2023 Access Bank profit grows by 89% in 9 months.

Access Holdings' unaudited results for the third quarter (Q3) results showed strong growth with gains across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers.

Interest income is at 70% of gross revenue (N2.4 trillion), and non-interest income up 87.2% to N1 trillion due to increased digital transactions.

The cost-to-income ratio remained steady at 60.8%, despite inflation pressures.

Profit before tax rose 89.6% to N558.2 billion, and profit after tax increased 82.8% to N457.7 billion.

Total assets climbed 54% year-to-date to N41.1 trillion, while shareholders’ equity grew 51% to N3.3 trillion.

Customer deposits rose 45.4% from N15.3 trillion to N22.3 trillion, and gross loans expanded by 56.2% to N13.9 trillion.

Reacting to the result, Gilbert Ayoola explained that Access Bank showcased remarkable growth across its financial metrics, reflecting strong operational efficiency and strategic positioning in the market.

He said: "The resilience in profitability metrics, despite minor dips in PBT, reflects the operational strength and strategic direction of Access Holdings as it navigates a challenging economic landscape."