Access Holdings’ assets hit N15trn, rakes in N167bn profit

Despite the strong macroeconomic headwinds locally and internationally, the 2022 financial results of Access Holdings Plc. showed strong growth across revenue lines.

Access Holdings’ asset base grew to N15 trillion and customer deposits to N9.25 trillion, with CASA mix up by 5%, to 63% as a result of leveraging innovation, digital technology and financial inclusion to mobilize sustainable low-cost deposits.

The Access Holdings Full Year 2022 was released to the Nigerian Exchange Group on Thursday April 20, 2023.

The holdco recorded a record revenue of N1.4 trillion representing a 43 per cent year-on-year growth against the N971.9 billion recorded in the preceding year 2021.

The rise in revenue, according to the bank, is the evidence of the dividends of organic and inorganic activities across the ecosystem.

Also, Access Holdings Plc. recorded a Profit Before Tax of N167.7 billion, representing a five per cent year-on-year decline against N176.6 billion  realized in 2021.

The decline in profit was as a result of huge write downs from the Ghana sovereign debt crisis.

Access Holdings 2022 financial report

Overall, Interest Income grew 37% y/y to N827 billion, driven by a strong loan book growth despite the high inflationary environment. Net loans and advances to customers grew by 25% across the Banking group, with a deliberate focus on credit disbursement to critical segments and growth sectors of the economy.

We also saw good growth across the Subsidiaries, in particular the UK (up 36% to N1.1 trillion in 2022)

Access Holdings Plc ended the year with over 58 million customers across the extensive network of subsidiaries and business verticals.

In the second half of 2022, Access Holdings Plc completed the divestment from Pensions Custodian business and acquired significant shareholding in First Guarantee Pensions Ltd & Sigma Pensions Ltd to form Access Pensions Ltd. This combination resulted in the creation of the 4th largest PFA in Nigeria, with Asset under Management of N900 billion, putting the holdco clearly in the league of strategic players in the pensions industry.

“Our Payment business went live with the Switching business in Q3 2022, while the other areas of the business will become fully operational from Q2 2023.

“The overall business outlook for 2023 remains strong as we begin our new 5-year strategic journey which aims to make us one of the top 5 financial services organization in Africa by 2027,” the bank stated.

The Star