Access Holdings has maintained its position as Nigeria’s largest banking group, with assets reaching N32.6 trillion as of March 31, 2024.
This represents a whopping 22% increase from N26.7 trillion recorded as of December 31, 2023.
This information is contained in the company’s unaudited financial results for the first quarter of 2024 released on the NGX.
During the quarter, the group recorded a 148% year-on-year growth in its pre-tax profit to N202.7 billion from N81.7 billion as of Q1 2023.
The growth in pre-tax profit was linked to the 189% YoY growth in its net interest income to N275.7 billion from N95.3 billion as of Q1 2023.
Access Bank is Nigeria’s largest bank by total assets but has seen a rapid growth in total assets in the last 5 years since the merger with Diamond Bank.
Access Bank’s performance in the recent quarter was significantly driven by a sharp increase in net interest income, which surged from N95.2 billion to N275.7 billion.
In terms of investments, the group’s securities portfolio expanded by 60% over the quarter, reaching N8.5 trillion up from N5.3 trillion as of December 31, 2023.
A notable net foreign exchange gain of N215 billion during the quarter also led to an increase in the group’s foreign currency translation reserve, which grew to N739 billion.
