Access Holdings Assets Grow to N15 Trillion, Interest Income Rises by 37% to N827 Billion in 2022

…Reports Over 58 Million Customers in 2022

With over 58 million customers recorded for the year 2022, Access Holdings Plc has reported its company’s asset base grew to N15 Trillion, a 28% increases Year on Year.

Showing strong growth across revenue lines, despite the strong macroeconomic headwinds locally and internationally, the company in its full year 2022 financial result registered a record revenue of N1.4 trillion a 43 percent year-on-year (y/y) growth as against N971.9 billion recorded for 2021.

Further breakdown showed that overall, interest income grew by 37 percent y/y to N827 billion, driven by a strong loan book growth despite the high inflationary environment. Net loans and 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.

Further breakdown of the result showed that Access Holdings Plc recorded a Profit Before Tax of N167.7 billion, five percent y/y decline (FY ‘21: N176.6 billion) following huge write downs from the Ghana sovereign debt crisis.

Its customer deposits to N9.25 trillion, with Current Account and Savings Account (CASA) mix up by five percent, to 63 percent as a result of leveraging innovation, digital technology and financial inclusion to mobilise sustainable low-cost deposits.

In addition, the company income from pension business hit N2.8 billion, while AUM from pension was pegged at N896 Billion and expanded loan portfolio rises by 25% YoY to N5.6 Trillion

It should be recalled that 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 fourth largest PFA in Nigeria, with Asset under Management of N0.9 trillion, putting the group clearly in the league of strategic players in the pensions industry.