With Strong Net Interest Income, Access Holdings Plc Reports Gross Earnings Of ₦1.4Tn For FY 2022

Access Holdings Plc has announced the release of its audited financial statements for the year ended 31st December 2022.

The Group’s gross earnings was up by 43% to N1.39 trillion from N971.89 billion reported in 2021, driven by strong growth in interest income.

However, Profit before tax dropped by 5% to N167.68 billion as against N176.58 billion posted in 2021.

The slight drop in pre-tax profits was due to the decrease in Net foreign exchange gain and other operating income.

According to the bank, net interest income rose by 19.32% to N359.63 billion from N301.41 billion in 2021.

The result is coming on the back of volatile economy typified by rising inflation and other economic headwinds.

 For instance, headline inflation rate rose to 22.04% in March, a 0.13% increase from the 21.91% rate recorded in February, according to the latest report published by the Nigerian Bureau of Statistics (NBS).

The state’s statistics agency attributed the jump in prices of food, housing, fuel and gas, among others, even as the figure shows a consistent increase in inflation rate for the last two years.

This is also despite series of efforts by the Central Bank of Nigeria (CBN), to curtail it through continued hiking of monetary policy rate, but which may not have  succeeded in checkmating the rising scurge.

Even the redesign of the naira notes did not help matters as it was replete with unintended negative consequences.

The implication was naira scarcity with the attendant  hardship as well as increased lending rates.

Consequently, Access Holdings’ Other Operating Expenses grew by 46.98% to N341.32 billion from N232.21 billion in 2021.
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The Board of Directors proposed final dividend of N1.30k per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50k each payable to shareholders on the register of shareholding at the closure date. Withholding Tax will be deducted at the time of payment.

Below are some key highlights from the bank’s audited financial statement.

Gross earnings
2022 FY: N1.39 trillion
2021 FY: N971.89 billion
Change: +43%
Net interest income
2022 FY: N359.63 billion
2021 FY: N301.41billion
Change: +19.32%
Other Operating Expenses
2022 FY: N341.32 billion
2021 FY: N232.21 billion
Change: +46.98%
Pre-tax profit
2022 FY: N167.68 billion
2021 FY: N176.58 billion
Change: -5%
Net Profit after tax
2022 FY: N152.20 billion
2021 FY: N160.22 billion
Change: -5%