Access Holdings Plc reported a profit after tax of ₦743.05 billion for the year ended December 31, 2025, representing a 15.7 percent increase from ₦642.22 billion posted in 2024.
Despite the growth in net earnings, the Group’s results reveal rising credit risk, increased cost pressure, and a sharp decline in comprehensive income.
Interest income grew to ₦3.27 trillion from ₦3.11 trillion in 2024, driven by higher yields on loans and investment securities.
However, interest income on financial assets at fair value through profit or loss declined to ₦272.82 billion from ₦372.33 billion.
Interest expense eased slightly to ₦2.19 trillion from ₦2.21 trillion, lifting net interest income to ₦1.36 trillion from ₦1.27 trillion.
However, this improvement was significantly offset by a sharp rise in impairment charges on financial assets, which more than doubled to ₦523.55 billion from ₦245.32 billion.
As a result, net interest income after impairment declined to ₦833.34 billion from ₦1.02 trillion, underscoring heightened credit risk exposure amid a challenging operating environment.
Non-interest income provided support during the period. Net fee and commission income rose to ₦585.07 billion from ₦415.24 billion.
In addition, net gains on financial instruments surged to ₦1.05 trillion from ₦415.80 billion.
However, the quality of earnings raises concerns as a growing portion of profit is driven by market-related gains rather than core banking operations.
Other operating income declined sharply to ₦177.85 billion from ₦459.13 billion, removing a key earnings buffer. At the same time, operating expenses rose significantly.
Personnel expenses increased to ₦504.17 billion from ₦381.41 billion, while other operating expenses climbed to ₦1.00 trillion from ₦960.84 billion.
Depreciation and amortisation expenses also edged higher, reflecting continued investment in technology and infrastructure, further pressuring margins.
Profit before tax rose to ₦1.01 trillion from ₦867.02 billion. Income tax expense increased to ₦232.69 billion from ₦205.45 billion, while minimum tax rose to ₦31.39 billion from ₦19.35 billion, moderating net profit growth.
Despite the increase in profit, total comprehensive income fell sharply to ₦458.57 billion from ₦1.10 trillion in 2024.
The decline was driven by negative movements in other comprehensive income, including foreign exchange translation losses and fair value losses on financial instruments.
This divergence between profit and comprehensive income indicates volatility in the Group’s balance sheet exposures, particularly in foreign currency positions and investment securities.
Profit attributable to equity holders stood at ₦718.75 billion, up from ₦618.64 billion, while non-controlling interest accounted for ₦24.30 billion.
Earnings per share declined to 1,348 kobo from 1,671 kobo, suggesting dilution effects despite higher earnings.
Overall, Access Holdings’ 2025 performance reflects strong top-line growth and improved profitability, but rising impairment charges, increasing operating costs, and weaker comprehensive income highlight underlying risks.
The Group’s ability to sustain earnings will depend on asset quality management, cost discipline, and reduced reliance on volatile trading income.