NIGERIA · BANKING
Key Facts
- What happened Access Holdings, a Lagos bank group, reported nine-month profit before tax up 8.3% to about US$495 million.
- After tax Profit after tax rose 5.95% to about US$352 million, a slower gain.
- The driver Money set aside for bad loans fell 73.5%, while interest paid to depositors rose faster than interest earned.
- Abroad Operations outside Nigeria produced 82.2% of the banking group’s profit before tax.
- Rate used About 1,348 naira per US dollar, the official-market rate on Wednesday 4 November 2026.
Access Holdings profit before tax rose 8.3% to 667.36 billion naira (about US$495 million) in the nine months to 30 September. Profit after tax grew more slowly, up 5.95% to 474.17 billion naira (about US$352 million), the unaudited results show.
For US readers, this Lagos-based bank group earns most of its profit outside Nigeria, so it gauges African banking, not only the naira. Access Holdings said 82.2% of its banking profit before tax came from operations outside Nigeria.
What the Nine-Month Results Show
The group published its unaudited accounts for the period to 30 September on Monday 2 November. Unaudited means outside auditors have not yet signed off the numbers.
Profit before tax reached 667.36 billion naira (about US$495 million), up from 616.25 billion naira (about US$457 million) a year earlier. Profit after tax was 474.17 billion naira (about US$352 million), against 447.55 billion naira (about US$332 million).
The main lift came from impairment charges, the money set aside for loans that may not be repaid. They fell 73.5% to 92.91 billion naira (about US$69 million), from 349.99 billion naira (about US$260 million).
Interest income rose 6.9% to 3.10 trillion naira (about US$2.3 billion), but interest paid rose faster, up 10.1% to 1.81 trillion naira (about US$1.3 billion). Net interest income, the gap between the two, grew just 2.7% to 1.29 trillion naira (about US$957 million).
Fee and commission income rose 8.4% to 650.87 billion naira (about US$483 million). After fee costs fell 6.9%, net fee income rose 12.4% to 534.94 billion naira (about US$397 million).
Operating expenses rose 11.8% to 1.30 trillion naira (about US$965 million), and total operating income fell 3.2% to 2.06 trillion naira (about US$1.5 billion). Other operating income dropped 40.8% to 234.53 billion naira (about US$174 million).
The Third-Quarter Rebound
Third-quarter profit before tax jumped 78.4% from the second quarter, to 253.23 billion naira (about US$188 million) from 141.92 billion naira (about US$105 million). That puts the quarter well ahead of the middle of the year.
Earlier this year the group said its half-year results needed approval from the Central Bank of Nigeria, as we reported in our earlier story. The nine-month figures arrive after that delay.
Why Most Profit Comes From Abroad
The banking arm, Access Bank, produced 96% of the group’s profit before tax. Operations outside Nigeria generated 82.2% of that banking profit.
That mix means the group’s earnings depend less on Nigeria alone than those of a purely domestic lender. Our report on Wema Bank’s nine-month results offers a comparison.
The Balance Sheet
Total assets rose 1.7% to 52.60 trillion naira (about US$39.0 billion), from 51.71 trillion naira (about US$38.4 billion) at the end of 2025. Customer deposits grew 6.6% to 36.85 trillion naira (about US$27.3 billion).
Loans and advances to customers rose 7.4% to 14.33 trillion naira (about US$10.6 billion). The group also said it is recalling capital from six banking subsidiaries to meet a Central Bank of Nigeria rule on investments in subsidiaries.
In Plain English, Who Is Who
Access Holdings Plc is the Lagos-based parent company of Access Bank, with banking operations in Nigeria and other countries. Innocent Ike is its group managing director and chief executive.
Ike said the sharp fall in impairment charges, with growth in net interest income and fees, showed the strength of core earnings. The Central Bank of Nigeria is the country’s banking regulator, and the Nigerian Exchange in Lagos is its main stock market.
What It Means for You
Funds that hold Nigerian or African bank shares get a read on how a large lender copes with lower loan losses but higher funding costs. The figures are unaudited and are not investment advice.
US travellers and people sending money to Nigeria will see no direct change from the results. The naira traded near 1,348 per US dollar on Wednesday 4 November, the rate used in this article.
What Is Not Known
The group has not said whether it will pay a dividend for 2026. It says its capacity to pay depends on its finances, regulatory approvals and the capital recall from subsidiaries.
Audited figures will come later and could differ from these numbers. How long the capital recall from the six subsidiaries will take is also not stated.
More: Africa news in English, every day from The Rio Times.
Frequently Asked Questions
How much profit did Access Holdings make in nine months?
Profit before tax was 667.36 billion naira (about US$495 million), up 8.3%. Profit after tax was 474.17 billion naira (about US$352 million), up 5.95%.
Why did Access Holdings profit rise?
Impairment charges, money set aside for bad loans, fell 73.5%. Interest paid to depositors rose faster than interest earned, which held back the gain.
Where does Access Holdings earn its money?
Operations outside Nigeria generated 82.2% of the banking group’s profit before tax. The banking arm made 96% of group profit before tax.
Are the Access Holdings numbers final?
No. They are unaudited, so outside auditors have not yet signed them off, and audited figures could differ.
Sources: Access Holdings Plc, unaudited results for the nine months ended 30 September 2026, released to the Nigerian Exchange, 2 November 2026; Access Holdings Plc, results statement by group managing director Innocent Ike, 2 November 2026; Central Bank of Nigeria, official foreign-exchange market closing rate, 4 November 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error