April 16, 2025/CSL Research

Access Holding’s FY 2024 audited results showed a 110.4% year-on-year (y/y) increase in Interest Income, driven by growth in both Net Loans and investment securities. This was supported by a higher yield environment and an expansion in earning assets. Net Loans rose by 42.9% in FY 2024 compared to December 2023, reflecting both organic growth and the impact of currency devaluation on foreign currency loans. Interest Expense also increased sharply—up 130.7% y/y—due to the prevailing high-interest rate environment.

Despite this, Net Interest Income grew strongly, rising 82.4% y/y and beating our forecast by 12.2%. Customer Deposits grew by 47.0% in FY 2024 compared to the December 2023 position, also reflecting the impact of currency devaluation on foreign currency deposits. Net Fee and Commission grew strongly, up 99.8% y/y and 5.4% ahead of our forecast.

The strong y/y growth in Fee and Commission Income was driven by strong growth in many fee lines such as credit-related fees and commissions (up 63.0% y/y), commission on bills and letters of credit (up 97.6% y/y), commissions on collections (up 207.0% y/y), account maintenance charge and handling commission (up 87.1% y/y), commission on other financial services (up 189.4% y/y) and channels and other E-business income (up 75.8%y/y).