By Kayode Ogunwale

Access Holdings Plc full year 2022 financial results showed strong growth across revenue lines, despite the strong macroeconomic headwinds locally & internationally.

The Nigeria largest lender registered a record revenue of ₦ 1.4 trillion a 43 percent year on year growth from 2021 ₦971.9 billion as it begin to see the dividends of organic & inorganic activities across the ecosystem.

Access Holdings recorded a profit before tax of ₦167.7 billion, five percent year on year decline (FY’21: ₦ 176.6 billion) following huge write downs from the Ghana sovereign debt crisis.

Overall, Interest Income grew 37 percent year on year to ₦827 billion, driven by a strong loan book growth despite the high inflationary environment. Net loans & advances to customers grew by 25 percent 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 percent 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. The company’s asset base grew to ₦15 trillion and customer deposits to ₦9.25 trillion, with CASA mix up by five percent to 63 percent as a result of leveraging innovation, digital technology and financial inclusion to mobilize sustainable low-cost deposits.

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 ₦0.9 trilion, 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 five year strategic journey which aims to make us one of the top 5 financial services organization in Africa by 2027.