Nigeria, May 1 -- First quarter profits at Access Holdings, Nigeria's biggest public company by assets, increased by 14.7 per cent year on year, a sharp slide from a growth rate of 121.8 per cent achieved in the same period of last year, according to its latest earnings report. Revenue increased by 41.9 per cent to N1.4 trillion within the period.

Interest income increased by 73.4 per cent to N980.7 billion, powered by a prolonged, industry-wide boom that still allows lenders to grant loans at high interest rates, despite the central bank's February decision to press the brakes on rates.

The interest expense of Access Holdings, which has tentacles in commercial banking, pensions, payments and insurance brokerage, leapt 71.3 per cent to ...