Access Holdings Plc reported a 5.9% increase in profit after tax to N474.17 billion in the nine months ended September 30, 2026, up from N447.55 billion in the corresponding period of 2025.
The modest N26.62 billion increase came despite a N257.08 billion reduction in credit impairment charges, as rising interest expenses and operating costs constrained profitability.
Profit before tax increased by 8.3% to N667.36 billion from N616.25 billion, while total interest income rose by 6.9% to N3.10 trillion from N2.90 trillion.
However, interest expenses increased by 10.1% to N1.81 trillion from N1.65 trillion, outpacing interest income growth and limiting the improvement in net interest earnings.
Consequently, net interest income rose by just 2.7% to N1.29 trillion from N1.26 trillion.
The most significant development was the sharp decline in credit impairment charges, which fell by 73.5% to N92.91 billion from N349.99 billion in the corresponding period of 2025.
This represented a reduction of N257.08 billion in provisions for expected credit losses, providing substantial support to profitability.
Nevertheless, the improvement in impairment charges did not translate into a corresponding increase in net profit, as other expenses and weaker performance across some income categories absorbed much of the benefit.
Personnel expenses increased by 20.5% to N432.12 billion from N358.56 billion, while other operating expenses rose by 6% to N757.26 billion from N714.20 billion.
The group also recorded a N138.81 billion loss on fair value hedges and a N19.91 billion net loss on financial instruments measured at fair value.
Net foreign exchange gains declined by 19.6% to N205.32 billion from N255.40 billion, further limiting earnings growth.
However, net fee and commission income increased by 12.4% to N534.94 billion from N475.92 billion, providing additional support to operating income.
An examination of the results also revealed that profit attributable to shareholders of Access Holdings increased by only 0.8% to N429.93 billion from N426.70 billion.
This was significantly below the group’s overall profit growth of 5.9%, as profit attributable to non-controlling interests more than doubled to N44.24 billion from N20.85 billion.
The distinction is important because consolidated profit includes earnings attributable to minority shareholders in subsidiaries, while profit attributable to the parent reflects the portion belonging to Access Holdings’ shareholders.
Despite the increase in reported profit, basic earnings per share remained largely unchanged at 802 kobo, compared with 800 kobo in the corresponding period of 2025.
Meanwhile, the group’s total assets increased to N52.60 trillion as of September 30, 2026 from N51.71 trillion at the end of December 2025.
Customer deposits rose to N36.85 trillion from N34.56 trillion, while loans and advances to customers increased to N14.33 trillion from N13.34 trillion.
However, the group’s cash flow performance weakened, with net cash used in operating activities reaching N665.80 billion, compared with N6.08 trillion generated in the corresponding period of 2025.
Although operating cash flows in banking are heavily influenced by changes in deposits, loans and other financial assets, the reversal highlights the need to examine the group’s liquidity and balance-sheet movements alongside its reported earnings.
Access Holdings’ financial performance therefore presents a mixed picture of modest profit growth, improving credit impairment charges and expanding customer balances, alongside higher funding costs and rising operating expenses.