Access Holdings Plc, a Nigerian financial services company, posted an after-tax profit of 159.3 billion Nigerian naira ($114.2 million) in the first quarter (Q1) of 2024, a substantial increase from $51.5 million in the first quarter of 2022. Interest income surged to $436 million, driven by growth in investment securities, loans, and cash reserves, while interest expense rose by 179 percent to $318.2 million due to the high-interest rate environment. The company's net interest income witnessed a remarkable 189 percent growth to $198 million, and net fee and commission income rose to $62.3 million during the period, indicating robust performance in core income streams.
However, the company incurred higher costs on deposits and borrowings, impacting its net cash generated from operating activities, which stood at a negative $20.2 million. Despite this, cash and cash equivalents increased to $2.8 million, reflecting a positive movement in investing activities, which generated $287.6 million in net cash.