Access Holdings PLC has released its unaudited group financial results for the Q1 ended March 31, 2026
According to the released results, the Group’s pre-tax profit grew by 22.19% to N272.210 billion, driven by strong growth in non-interest income.
The group’s interest income declined by 9% to N895.034, while non-interest income grew by19% to N444.683 billion.
Key highlights (Q1 2026 vs Q1 2025)
- Interest income: N895.034 billion; -8.73% YoY
- Interest expenses: N556.172 billion; +1.91% YoY
- Net interest income: N383.711 billion; -26.68% YoY
- Impairment charges: N73.810 billion; +239.04% YoY
- Net interest income after impairment: N262.052 billion; +33.57% YoY
- None-interest income: N444.683 billion; 19.03% YoY
- Total operating expenses: N411.268 billion; 26.16% YoY
- Profit after tax: N146.623 billion; -22.77% YoY
- Earnings per share: N3.69; -24.49% YoY
Access Holdings Plc reported a decline in interest income in Q1 2026 compared to Q1 2025.
- Notes to the financial statements indicate that this was largely driven by a decline in interest income from loans and advances to customers, as well as from investment securities classified at fair value through other comprehensive income (FVOCI).
- While interest income from loans and advances to customers declined by 27% YoY to N429 billion, income from securities classified as FVOCI declined by 59% to just N67 billion from N164 billion in Q1 2025
On the expense side, interest expenses, which declined, were driven by the decline in interest expenses paid on customers’ deposit to N388 billion from N447 billion. This is despite the N392 billion increase in customers’ deposits, now at N34.954 trillion.
- Interest paid on deposits from other financial institutions and interest on debt securities issued also declined
Notwithstanding, net interest income after impairment charge grew by 34% YoY to N265 billion, but was lower than the net non-interest income of N444.683 billion
- Driving the non-interest income is the profit the bank made from movements in exchange rates on its foreign currency positions that are not protected (hedged), amounting to N176 billion.
The non-interest income, combined with the net interest income after impairment of N265.052 billion, brought the bank’s total income to N709.735 billion.
With total operating expenses, including depreciation and amortization, amounting to N437.525 billion (about 62% of total income), profit before tax stood at N272.210 billion.
