Access Holdings Announces N1.4trn Gross Earnings

Access Holdings Announces N1.4trn Gross Earnings

Access Holdings Plc has announced gross earnings of N1.39 trillion for the 2022 financial year.

The company disclosed this in its Consolidated and Separate Financial Statement for the year ended Dec. 31, 2022 released on Thursday in Lagos.

The gross earnings represented an increase of 43 per cent when compared with N971.88 billion recorded in the corresponding period of 2021.

The company attributed the growth in gross earnings to the dividends of organic and inorganic activities across the ecosystem.

However, its profit before tax of stood at N167.68 billion, representing a 5.04 per cent year-on-year decline against N176.58 billion realised in 2021.

The Board of Directors is proposing a final dividend of N1.30 per share bringing the total dividend for the financial year 2022 to N1.50k.

The statement said that the company showed strong growth across revenue lines, despite the strong macroeconomic headwinds locally and internationally.

“We registered a record revenue of N1.4 trillion, a 43 per cent year-on year growth (FY’21:N971.9) as we begin to see the dividends of organic and inorganic activities across the ecosystem.
“Access Holdings Plc recorded a profit before tax of N167.7 billion, five per cent year-on year decline (FY’21: N176.6bn) following huge write downs from the Ghana sovereign debt crisis.
“Access Holdings Plc recorded a profit before tax of N167.7 billion, five per cent year-on year decline (FY’21: N176.6bn) following huge write downs from the Ghana sovereign debt crisis.
“Overall, Interest Income grew 37 per cent year-on-year to N827 billion, driven by a strong loan book growth despite the high inflationary environment.
“Net loans and advances to customers grew by 25 per cent across the banking group, with deliberate focus on credit disbursement to critical segments and growth sectors of the economy,
“We also saw a good growth across the subsidiaries, in particular the UK (up 36 per cent to N1.1 trillion in 2022),’’it said.

The statement also said that the company ended the year with over 58 million customers across the extensive network of subsidiaries and business verticals.

It added that the company assets base grew to N15.0 trillion and customer’s deposits to N9.25 trillion, with CASA mix up by five per cent, to 63 per cent as a result of leveraging innovation, digital technology and financial inclusion to mobilise 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. and Sigma Pensions Ltd. to form Access Pensions Ltd.
“This combination resulted in the creation of the fourth largest PFA in Nigeria, with asset under management of N0.9trillion, putting us clearly in the league of strategic players in the Pensions industry,’’ it said.

The statement also said that the company’s payment business went live with the switching business in the third quarter of 2022, while the other areas of the business would become fully operational from second quarter of 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 five financial services organisation in Africa by 2027,’’ it said.