Access Holdings Plc released its audited financial statements for the period ended December 31, 2022, with strong growth across revenue lines, despite the strong macroeconomic headwinds locally & internationally. The group posted revenue of ₦ 1.4 trillion a 43% year on year growth against ₦971.9 that was recorded in 2021. .
As a reward for investing in the group, the board of directors has proposed N1.30 kobo dividend to shareholders, qualification date for the dividend is May 9th, 2023, register of members closes on May 10th, 2023, while payment date is May 24th, 2023.
Just as Access Holding Plc began to see the dividends of organic & inorganic activities across the ecosystem. The group recorded a Profit before Tax of ₦167.7 billion, which is 5% year on year decline against ₦ 176.6 billion that was recorded in 2021, which was due to huge write downs from the Ghana sovereign debt crisis.
Some of the financial statements show that Non – Performing Loans stood at 3.1% 0.9%, year on year. Cost to Income Ratio stood at 57.9%, an increase of 0.9% year on year.
Overall, Interest Income grew 37% 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% 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 which was up by 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 ₦15.0 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 & 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.
The company highlighted that its Payment business which went live with the Switching business in third quarter of 2022, expects other areas of the business to become fully operational from second quarter of 2023.
Access Holding Plc assures stakeholders in the market community that “the overall business outlook for 2023 remains strong as we begin our new 5-year strategic journey which aims to make us one of the top 5 financial services organizations in Africa by 2027”.
