Access Bank’s Q3 2024 Results Show 19.4% Profit Rise; Reports 47.7% Increase in Total Assets Value
Access Bank Plc reported a 47.7% year-on-year increase in assets for Q3 2024, with total assets reaching GHS 17 billion, up from GHS 11.5 billion a year prior.
The bank’s asset expansion amounting to GHS 5.5 billion, was primarily driven by a 101.6% rise in cash and cash equivalents to GHS 5.07 billion, coupled with a 12.7% gain in investment securities to GHS 5.7 billion and a 55.5% increase in loans and advances to GHS 3.1 billion.
The rapid asset growth comes amid a parallel surge in liabilities, which rose by 50.03% to end the quarter at GHS 15.1 billion, compared to GHS 10.08 billion in Q3 2023.
The bank’s profitability also climbed with profit-after-tax reaching GHS 544 million, marking a 19.4% increase over the previous year’s GHS 455 million underscoring resilience in the face of economic headwinds.
However, Access Bank’s Capital Adequacy Ratio (CAR) showed a substantial decline, falling to 18.2% from 24.2% a year earlier, as the bank navigated an expansion in risk-weighted assets.
The bank’s non-performing loan ratio also saw a slight increase rising from 3.06% to 3.82% indicating a marginal deterioration in the bank’s loan asset quality as well as a slight weakening in Access Bank’s loan recovery strategies.
