Access Holdings Plc, the Lagos-based financial services conglomerate chaired by Aigboje Aig-Imoukhuede, posted a 5.9 percent increase in net profit for the first nine months of 2026, driven by a sharp drop in credit impairment charges, robust interest income, and strong earnings contributions from its offshore operations. The performance bolstered the group’s capital base, reinforcing momentum under its ongoing “Scale-to-Value” execution strategy.

Impairments drop 74% as net earnings climb

The pan-African banking group, headquartered in Lagos and operating across more than 20 countries spanning Africa, Europe, and Asia, reported a net profit of N474.17 billion ($352.59 million) for the period ended Sept. 30, 2026, compared with N447.55 billion in the corresponding period of 2025, according to its unaudited interim financial statements. Pre-tax profit rose 8.3 percent to N667.36 billion ($496.25 million) from N616.25 billion a year earlier.

The earnings expansion was anchored by an 8.4 percent increase in fee and commission income to N650.87 billion ($483.99 million), which lifted net fee and commission income by 12.4 percent to N534.94 billion ($397.78 million). Gross earnings climbed 2.3 percent to N3.99 trillion ($2.97 billion) from N3.9 trillion, while interest income grew 6.9 percent to N3.1 trillion. Earnings quality strengthened markedly as credit impairment charges dropped 73.5 percent to N92.91 billion from N349.99 billion, lifting net interest income after impairment to N1.2 trillion.

Offshore units drive banking earnings; international contribution tops 82%

The commercial and international banking franchise remained the core driver of performance, generating 96 percent of consolidated group profit before tax. Offshore entities accounted for 82.2 percent of the banking group’s pre-tax profit, with international banking operations contributing 43.7 percent, Rest of Africa operations providing 38.5 percent, and the Nigerian banking operations accounting for 17.8 percent.

Across operating divisions, corporate and investment banking generated N219 billion ($162.9 million) in pre-tax profit, followed by commercial banking at N142.48 billion ($105.95 million) and retail banking at N39.7 billion ($29.5 million). Non-banking subsidiaries also supported earnings, led by Access ARM Pensions Limited with N28.06 billion in pre-tax earnings.

External customer revenue in Nigeria totaled N3.1 trillion ($2.30 billion), compared with N2.69 trillion ($2 billion) in the prior period. The Rest of Africa segment generated N760.89 billion ($565.79 million) in customer revenue, while International Operations contributed N461.92 billion ($343.48 million), up from N395.09 billion ($293.79 million) a year earlier, reflecting sustained volume growth across trade finance, payments, and global treasury solutions.

Assets near $40 billion; retained earnings strengthen capital base

Access Holdings Plc remains Nigeria’s largest banking group by total assets, delivering commercial banking, pension fund management, payment processing via Hydrogen, consumer finance through Oxygen X, and insurance brokerage services. Led by Group CEO Innocent Ike, the lender has continued expanding its footprint across the United Kingdom, France, Malta, the United Arab Emirates, and Hong Kong, alongside its extensive African network.

The steady nine-month performance bolstered the group’s financial position. Total assets expanded to N52.60 trillion ($39.12 billion) as of Sept. 30, 2026, from N51.71 trillion ($38.45 billion) at year-end 2025 and customer deposits increased 6.6 percent to N36.85 trillion ($27.40 billion) from N34.56 trillion ($25.70 billion). Total shareholders’ funds closed at N4.49 trillion ($3.34 billion), supported by an 18.4 percent expansion in retained earnings to N2.18 trillion ($1.62 billion), providing solid capital buffers for the group’s cross-border operations.