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 per cent to N272.210 billion, driven by strong growth in non-interest income.

The group’s interest income declined by 9 per cent to N895.034, while non-interest income grew by19 per cent to N444.683 billion.

Key highlights (Q1 2026 vs Q1 2025)
Interest income: N895.034 billion; -8.73 per cent YoY
Interest expenses: N556.172 billion; +1.91 per cent YoY
Net interest income: N383.711 billion; -26.68 per cent YoY
Impairment charges: N73.810 billion; +239.04 per cent YoY
Net interest income after impairment: N262.052 billion; +33.57 per cent YoY
None-interest income: N444.683 billion; 19.03 per cent YoY
Total operating expenses: N411.268 billion; 26.16 per cent YoY
Profit after tax: N146.623 billion; -22.77 per cent YoY
Earnings per share: N3.69; -24.49 per cent 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 per cent YoY to N429 billion, income from securities classified as FVOCI declined by 59 per cent 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 per cent 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 per cent of total income), profit before tax stood at N272.210 billion.

On the balance sheet side, total assets grew by about 4 per cent, driven largely by customers’ deposits, which accounted for over 65 per cent of total assets.

A further breakdown shows that investment in securities, which increased by 3.11 per cent, is now 31 per cent of total assets, while loans and advances to customers, which grew more slowly at 1.55 per cent, accounted for 25.33 per cent of total assets.

On the liabilities side, the bank met the CBN’s new minimum capital requirement as share capital and share premium account stood at N616.021 billion; up 3.55 per cent compared to the N594.903 billion as of December 2025.

Retained earnings increased by 19.36 per cent or N324 billion to N1.997 trillion pushing shareholders’ funds N4.397 trillion from N4.326 trillion as of December 2025.

On market performance, Access shares were priced at N27 per share as of the close of trading in April 2026. The stock started the year at N21, reflecting a 28.6 per cent gain year-to-date.

This marks a better performance compared to last year’s 12 per cent YtD loss.