Access Holdings Plc has released its audited half-year financial results for the period ended June 30, 2025, revealing a mixed performance marked by strong revenue growth but weaker profitability.
The holding company, listed on the Nigerian Exchange Limited (NGX), posted a profit before tax (PBT) of ₦320.57 billion, representing an 8.1 percent decline from ₦348.92 billion recorded in H1 2024. Similarly, profit after tax (PAT) fell sharply by 23.3 percent to ₦215.92 billion, compared to ₦281.33 billion in the same period last year.
Despite the profit contraction, Access Holdings’ gross earnings rose by 13.8 percent year-on-year to ₦2.5 trillion in H1 2025, up from ₦2.2 trillion in H1 2024. This strong top-line growth was primarily driven by interest income, which surged 38.9 percent to ₦2 trillion from ₦1.5 trillion a year earlier — reflecting the Group’s effective asset repricing and higher yields in a tight monetary environment.
The Group’s return on average equity (ROAE) dropped to 11.4 percent from 22.4 percent in H1 2024, signaling pressure on margins as funding and operational costs increased.
Solid Balance Sheet and Core Banking Resilience
Access Holdings maintained a robust balance sheet, with the following key indicators as of June 30, 2025:
• Total Assets: ₦42.4 trillion
• Customer Deposits: ₦22.9 trillion
• Loans and Advances: ₦13.2 trillion
• Shareholders’ Equity: ₦3.8 trillion
The core banking operations remained the main profit driver, contributing 65 percent of the Group’s total PBT in H1 2025. Interest income rose 38.7 percent year-on-year to ₦2 trillion, while net interest income jumped 85 percent to ₦992.7 billion from ₦536.7 billion in H1 2024.
Fee and commission income also climbed 27 percent to ₦294.9 billion, up from ₦232.5 billion in the previous year, buoyed by increased transaction volumes and digital adoption across retail and corporate channels.
Group-level net interest income advanced by 91.8 percent year-on-year to ₦984.6 billion, while net fees and commission income increased 16.1 percent to ₦237.7 billion, reaffirming the strength of its core banking franchise despite macroeconomic headwinds.
Non-Banking Subsidiaries Anchor Diversification Strategy
Access Holdings’ non-banking subsidiaries continued to record impressive growth, underscoring the success of the Group’s diversification strategy across pensions, payments, insurance, and digital lending.
Access–ARM Pensions
The pension arm delivered another strong performance, with revenue up 29.9 percent to ₦21 billion and profit before tax (PBT) rising 65.1 percent to ₦13.1 billion. The subsidiary reported a return on average equity (ROAE) of 48.1 percent, a cost-to-income ratio of 35.1 percent, and a PBT margin of 62.5 percent, reflecting robust operational efficiency.
Hydrogen Payments
Access Holdings’ payments subsidiary, Hydrogen Payments, posted outstanding growth, with top-line revenue up 40.5 percent year-on-year, and profit before tax surging 273 percent. The total transaction value processed through the platform rose 211 percent to ₦41.1 trillion, compared to ₦13.8 trillion in H1 2024, positioning Hydrogen as one of the fastest-growing digital payments processors in Africa.
Access Insurance Brokers
The insurance brokerage business sustained strong momentum, reporting a 125 percent year-on-year increase in gross written premium, 146 percent growth in revenue, and a 161 percent rise in profit before tax, as the Group deepened its footprint in the Nigerian and regional insurance markets.
Oxygen X (Digital Lending Arm)
Launched in Q3 2024, Oxygen X, Access Holdings’ digital lending platform, has quickly become a growth engine, delivering ₦5.4 billion in revenue and ₦2.2 billion in profit before tax within its first full half-year of operations. The platform continues to scale its consumer and SME credit portfolios, leveraging data-driven lending models.
Management Commentary and Market Outlook
In a management note accompanying the financials, Access Holdings said the results reflect “resilience, strategic diversification, and strong execution” across its banking and non-banking subsidiaries, despite elevated macroeconomic challenges in Nigeria and other African markets.
The Group reiterated its commitment to sustainable performance, digital transformation, and continental expansion, emphasizing that its multi-vertical model, spanning banking, pensions, payments, and insurance, positions it for long-term value creation.
Analysts believe the decline in profit reflects the combined impact of higher interest rates, inflationary pressures, and foreign exchange revaluation losses across regional markets. However, the strong growth in digital income streams and non-interest businesses points to a stabilizing earnings mix and improved risk diversification.
“Access Holdings’ H1 results show the strength of its ecosystem strategy,” said one Lagos-based investment analyst. “Even though profit margins are tighter, the Group’s expansion into payments, pensions, and lending will keep it ahead of peers in revenue sustainability.”
Outlook: Navigating 2025 with Digital and Regional Leverage
As Nigeria’s largest banking group by assets, Access Holdings continues to expand its footprint across 22 countries, including 12 African markets and major international hubs in London, Dubai, and Paris.
The Group’s long-term strategy remains focused on sustainable growth through digitization, regional integration, and customer inclusion, while managing funding costs and capital efficiency under evolving regulatory and market conditions.
With the Central Bank of Nigeria maintaining a tight monetary stance and exchange rate volatility persisting, analysts expect the Group to rely more on its non-interest income, payments innovation, and asset-light subsidiaries to sustain profitability in the second half of 2025.
Naija247news Business Analysis:
Access Holdings’ H1 2025 performance highlights the dual reality facing Nigeria’s tier-one banks, expanding balance sheets and growing revenues amid shrinking profitability. Yet, its digital and non-banking engines, particularly Hydrogen Payments, ARM Pensions, and Oxygen X, signal where the next wave of profitability will come from in Africa’s evolving financial landscape.
📌 Editor’s Note: For content partnerships and collaborations, reach out via editor@naija247news.com
Naija247news Media Group LLC is committed to ethical, independent journalism that serves the public interest. Our editorial process prioritizes accuracy, fairness, and transparency in reporting. All content is fact-checked and held to the highest standards of integrity. Learn more in our full editorial policy here.
© 2025 Naija247news Media Group LLC. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from Naija247news Media Group LLC.
Reporting by Agnes Ekebuike Editor, Naija247news in Lagos, Nigeria.
