Access Holdings Plc said it registered a record revenue of ₦ 1.4 trillion a 43% y/y growth (FY’21: ₦971.9) as it begins to see the dividends of organic and inorganic activities across the ecosystem.
It also said its full year 2022 financial results showed strong growth across revenue lines, despite the strong macroeconomic headwinds locally and internationally.
However, its profit before tax of ₦167.7 billion fell by 5% year-on-year (y/y) compared with FY’21: ₦ 176.6billion following huge write downs from the Ghana sovereign debt crisis.
In a statement, the lender also said: “Overall, interest income grew 37% y/y to ₦827billion, 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.
The overall business outlook for 2023 remains strong as the group begins its new 5-year strategic journey which aims to make it one of the top five financial services organizations in Africa by 2027.
“The group also saw good growth across the subsidiaries, in particular the UK (up 36% to N1.1trillion in 2022),” just as it recorded over 58 million customers across the extensive network of subsidiaries and business verticals.
“The company’s asset base grew to ₦15 trillion and customer deposits to ₦9.25 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,” it added.
It recalled that in the second half of 2022, Access Holdings completed the divestment from Pensions Custodian business and acquired significant shareholding in First Guarantee Pensions Ltd and 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 ₦0.9trilion, putting us clearly in the league of strategic players in the pensions industry.
“Access Holdings Plc’s 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 the group begins its new 5-year strategic journey which aims to make it one of the top five financial services organizations in Africa by 2027,” it concluded.
