Access Holdings PLC has announced its unaudited group financial results for the first quarter ended March 31, 2026. The Group's pre-tax profit saw a significant growth of 22.19% to N272.210 billion, primarily fueled by a surge in non-interest income.

The company's interest income experienced a decline of 9% to N895.034 billion. However, this was offset by a robust 19% growth in non-interest income, which reached N444.683 billion.

Key financial metrics for Q1 2026 compared to Q1 2025 include: Interest income decreased by 8.73% YoY to N895.034 billion, while interest expenses rose by 1.91% YoY to N556.172 billion. Net interest income fell by 26.68% YoY to N383.711 billion. Impairment charges increased significantly by 239.04% YoY to N73.810 billion.

Despite the rise in impairment charges, net interest income after impairment saw a positive growth of 33.57% YoY to N262.052 billion. Non-interest income grew by 19.03% YoY to N444.683 billion. Total operating expenses increased by 26.16% YoY to N411.268 billion. Profit after tax declined by 22.77% YoY to N146.623 billion, with earnings per share at N3.69, down 24.49% YoY.

The decline in interest income was attributed to lower earnings from loans and advances to customers, as well as from investment securities classified at fair value through other comprehensive income (FVOCI). Income from loans and advances decreased by 27% YoY to N429 billion, and income from FVOCI securities dropped by 59% to N67 billion from N164 billion in Q1 2025.

Interest expenses also declined, particularly on customer deposits, falling to N388 billion from N447 billion, despite a N392 billion increase in customer deposits to N34.954 trillion. Interest paid on deposits from other financial institutions and on debt securities also decreased.

The substantial non-interest income was significantly boosted by N176 billion in profits from unhedged foreign currency positions due to exchange rate movements. This, combined with the net interest income after impairment of N265.052 billion, brought the bank's total income to N709.735 billion.

With total operating expenses, including depreciation and amortization, amounting to N437.525 billion (approximately 62% of total income), the profit before tax stood at N272.210 billion.