Access Holding’s Q1 2024 unaudited numbers showed a 183.1% y/y growth in Interest Income driven by growth in both Interest Income on Net Loans and yields on investment securities due to a higher yield environment and growth in earnings assets. Net Loans grew 19.7% in Q1 2024 compared with the December 2023 position, inclusive of the impact of devaluation on foreign currency loans.
Interest Expense also grew strongly reflecting the high interest rate environment, up 179.3% y/y driven mainly by strong growth in Interest Expense on deposits from financial institutions (up 364.7% y/y) and deposits from customers (up 108.4% y/y). Overall, Net Interest Income grew strongly, up 189.4% y/y Customer Deposits were up 18.0% in Q1 2024 compared with the December 2023 position also inclusive of the impact of devaluation on foreign currency deposits.
Net Fee and Commission grew strongly, up 91.4% y/y. The strong growth in Fee and Commission Income was driven mainly by growth in credit-related fees and commissions (up 97.4% y/y), account maintenance charge and handling commission (up 109.9% y/y), commission on other financial services (up 71.5% y/y) and channels and other E-business income (up 61.6%y/y).
