Access Holdings Plc FY 2022 Results Shows Strong Growth across Revenue Lines
Access Holdings Plc full year 2022 financial results showed strong growth across revenue lines, despite the strong macroeconomic headwinds locally & internationally. The banking group registered a record revenue of ₦ 1.4 trillion a 43% y/y growth (FY’21: ₦971.9) as the company begins to see the dividends of organic & inorganic activities across the ecosystem. Access Holdings Plc recorded a profit before tax of ₦167.7 billion, 5% y/y decline (FY’21: ₦ 176.6bn) following huge write downs from the Ghana sovereign debt crisis.
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 group also saw good growth across the subsidiaries, in particular the UK (up 36% to N1.1trillion 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 5%, to 63% 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 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.
