Access Holdings exceeded ₦1 trillion in profit before tax for 2025, but falling returns on equity and no declared dividend show why the Nigerian group's new focus on capital efficiency matters.
Audited financial statements put total assets at ₦51.556 trillion on Dec. 31, up 24.2% from a year earlier. Customer deposits rose 53.4% to ₦34.562 trillion. Profit before tax increased 16.2% to ₦1.007 trillion, from ₦867 billion in 2024.
The earnings presentation showed a mixed picture for efficiency and returns. The cost-to-income ratio improved to 51.7% from 56.7%, but return on average equity declined to 18.4% from 21.6%. Net interest margin fell to 4.2% from 5.8%, and asset yield dropped to 10.9% from 15.8%.
Impairment charges rose 113.4% to ₦523.550 billion, compared with ₦245.319 billion in 2024. Access Holdings’ FY2025 earnings presentation said the increase was primarily driven by its full exit during 2025 from exposures covered by Central Bank of Nigeria (CBN) forbearance. At the company’s June annual meeting, Chairman Aigboje Aig-Imoukhuede said it had accelerated provisions on legacy and regulatory-forbearance exposures to strengthen its balance sheet.
Group Managing Director and CEO Innocent C. Ike said the company was shifting toward a stronger focus on returns on capital, earnings quality and long-term value. Formed in 2022, Access Holdings owns Access Bank and four subsidiaries spanning payments, pensions, insurance and consumer finance.
The company made no dividend declaration for FY2025 because of outstanding regulatory requirements. It linked the full-year restriction to Section 19(8)(c) of the Banks and Other Financial Institutions Act and limits on investments in foreign subsidiaries. Access Holdings said distributions could resume after the required conditions and approvals are met, but gave no timetable. Shareholders will be watching for regulatory clearance, lower impairment charges and a recovery in returns on equity.
