Access Holdings is parent company of Access Bank. A holdco structure was adopted to enable the bank venture into other parts of financial space. The bank is still the biggest entity, so id use Access Bank interchangeably all through this post. 

Access is also Nigeria’s largest bank by assets. As at Q1 25, it had N39 trillion in assets. Next to it is Zenith with N32.4 trillion in assets. 

In the last couple of years, the bank has done a couple of acquisitions across Africa, as it pursues its contiental strategy. Shareholders have become impatient, and management has promised that they will see increased returns as it moves to the consolidation stage. 

Q1 2025 was a mixed bag. Gross earnings are up. Profit after tax went up as well.  

Gross earnings went up by 41.8% from N974 billion in 2024 to N1.3 trillion in 2025.

Profit after tax went up by 14.7% from N159.2 billion in 2024 to N182.7 billion in 2025. 

Interest income is down though due to higher interest expenses. Interest income is where the bulk of money made by a bank comes from.

Net interest income dropped 20.1% from N275 billion in 2024 to N220 billion in 2025. The squeeze is in the interest expenses from customers. 

Since the bank has been so heavy on African expansion, i decided to look at the geographical split. 

Year on year, Rest of Africa (ROA)  revenues are both down. 

If this trend continues for the remaining quarters, then one would have to side eye management. 

Operational segment 

You can also dice revenue into operational segments. Here you have Corporate and Investmnt Banking (CIB), Commercial, Retail, Payment, PFA, insurance and digital lending

CIB was a bit soft in terms of revenue and profit. 

Commercial banking and the PFA had strong growth in revenue and profit 

Retail  banking had higher revenue, but lower profit

Where will it end FY 2025 

Did a bit of napkin math on where the firm will end in 2025. At current run rate, it should easily end the year with between N5 to N5.5 trillion in revenue and over N700 billion in profit after tax.

I have a target price of N36.25, which amounts to a potential upside of 70%. Further details are in the table below.