People & Money

Access Holdings Plc Record N1.4 Trillion Revenue in 2022

Access Holdings Plc, the parent company of Access Bank has released its unaudited financial statement for 2022. The group had an exceptional year of earnings as it recorded a gross earning of N1.39 trillion, marking a significant surge of 42.8% from 2021’s figure. However, the company recorded a drop in Profit Before Tax year-on-year, from N176.6 billion in 2021 to N167.7 billion in FY 2022.

Also Read: Top pension funds throw weight behind emerging market net zero transition

Despite the challenging inflationary environment, the bank’s interest income experienced a robust growth of 37% year-over-year, reaching ₦827 billion. This impressive performance was largely attributed to the strong growth of the bank’s loan book. The Banking group deliberately focused on credit disbursement to critical segments and growth sectors of the economy, leading to a significant growth of 25% in net loans and advances to customers.

Leveraging innovation, digital technology, and financial inclusion to mobilize sustainable low-cost deposits, the company’s customer deposits increased to ₦9.25 trillion and its asset base grew to ₦15.0 trillion. Additionally, there was a 5% increase in the CASA mix, reaching 63%.

The bank witnessed substantial growth in its subsidiaries, with the UK subsidiary, in particular, experiencing a significant increase of 36% to reach N 1.1 trillion in 2022. Access Holdings Plc concluded the year with an extensive network of subsidiaries and business verticals, serving over 58 million customers.

Also Read: Wills Compulsory to Access Pension Contributions, Cordros Wealth Manager Warns

Access Holdings Plc finalized the divestment from its Pensions Custodian business and, in the latter half of 2022, acquired a considerable shareholding in First Guarantee Pensions Ltd & Sigma Pensions Ltd. This acquisition led to the formation of Access Pensions Ltd. As a result of this merger, the bank now ranks among the strategic players in the Pensions industry, with the creation of the fourth-largest PFA in Nigeria. With assets under management of ₦0.9 trillion, the bank has solidified its position in the industry.

David Olujinmi

David Olujinmi studies Engineering but his true passion is research and analysis. He writes about finance, particularly the capital market, investment banking, and asset management. More »

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