Access Holdings’ Gross Earnings Hit N1.4tn

Despite the strong macroeconomic headwinds locally & internationally, Access Holdings Plc’s Full Year 2022 financial results showed strong growth across revenue lines. According to the management of the holdings plc during the year under recorded revenue growth of ₦ 1.4 trillion representing a 43% year on year compare with 2021 full year record of ₦971.9 which as results of organic & inorganic activities across the ecosystem.

Access Holdings Plc recorded a Profit Before Tax of ₦167.7 billion represents 5% year on year decline in comparing with last year of ₦ 176.6bn following huge write downs from the Ghana sovereign debt crisis.

Overall, according to the report showed Interest Income grew by 37% year on year to ₦827billion, driven by a strong loan book growth despite the high inflationary environment while Net loans & 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 report disclosed about good growth across the Subsidiaries, in particular the UK operations which was up by 36% to N1.1trillion in 2022 under review.

“Access Holdings Plc ended the year with over 58 million customers across the extensive network of subsidiaries and business verticals. The company’s asset base grew to ₦15.0 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.

The report revealed that sizeable portion of Holding Company costs relates to professional fees incurred for the M&A transactions during the acquisition of the Pensions business, personnel costs and others. In the same vein, pointed to the impairment from Ghana domestic & Eurobonds accounts for N103.1bn of charges, Nigerian sovereign downgrade accounts for N4.3bn and Banking Group Entity includes intercompany balances respectively.

“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 ₦0.9trilion, putting us 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, it added.

April 20, 2023