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Access Holdings Plc led by Nigerian banker Aigboje Aig-Imoukhuede reported mixed results for the first half of 2025 as profit fell despite growth in gross earnings. The decline was driven by lower foreign exchange gains, rising operating costs and an increase in impairment charges.
Gross earnings rise, profit slips sharply
For the six months ended June 30, Access Holdings posted a 13.8 percent rise in gross earnings, climbing from N2.19 trillion ($1.5 billion) a year earlier to N2.49 trillion ($1.7 billion). Profit after tax dropped 23.3 percent to N215.9 billion ($147.5 million), compared with N281.3 billion ($192.7 million) in the same period of 2024.
The decline in profit was driven by higher impairment charges on financial assets which nearly doubled to N230.07 billion ($157.8 million) from N122.74 billion ($83.7 million) a year earlier. The group also saw a steep drop in foreign exchange gains which fell from N406.91 billion ($279.2 million) in the first half of 2024 to N45.94 billion ($30.8 million) in 2025.
Higher expenses, strong balance sheet growth
Personnel costs and tax expenses also weighed on the bottom line. Staff costs rose from N158.8 billion ($108.8 million) to N229.2 billion ($157.1 million), while income tax expenses increased to N104.6 billion ($71.7 million), up from N67.6 billion ($46.3 million) a year earlier. Other operating expenses remained broadly flat at N513.3 billion ($352 million).
Access Holdings maintained a strong balance sheet even though its profits went down. Total assets increased slightly to N42.45 trillion ($28.8 billion) as of June 30, 2025, up from N41.49 trillion ($28.4 billion) at the end of 2024. Retained earnings also went up to N1.34 trillion ($919.4 million), which shows that the underlying business segments are growing steadily.
Access Holdings strengthens capital, eyes long-term growth
Headquartered in Lagos, the group now serves more than 60 million customers across 20 countries in Africa, Europe, and Asia. Under Aig-Imoukhuede’s leadership—following his return in 2024—Access Holdings is focusing on strengthening its capital base, expanding its digital banking network, and building more predictable income streams.
In its earnings announcement, Access Holdings said it remains committed to “disciplined portfolio management, risk control, and sustainable profitability.” It added that ongoing efforts to boost transaction-led income, improve efficiency, and deepen innovation will help position Access Holdings for long-term growth, even amid economic volatility.
