Despite the strong local and international macroeconomic factors, Access Holdings Plc’s full-year financial results for 2022 revealed robust revenue growth across all categories.
Record revenue of 1.4 trillion, an increase of 43% y/y (FY’ 971.9 billion) as the benefits of organic and inorganic activities all around. Access Holdings Plc also reported a Profit Before Tax of 167.7 billion, a decline of 5% year-over-year (FY’ 176.6bn) due to massive write-downs caused by the Ghana sovereign debt crisis.
Overall Interest Income increased 37% year-over-year to 827 billion, driven by a robust increase in loan balances despite a high economic downturn. The Banking group’s net loans and advances to consumers increased by 25%, with a deliberate emphasis on credit disbursement to vital economic segments and growth sectors.
In addition, the Subsidiaries experienced robust growth, particularly in the United Kingdom (up 36% to N 1.1trillion in 2022). Access Holdings Plc ended the year with more than 58 million customers spread across its vast network of subsidiaries and business verticals.
Possible Reasons for Profit Earned
As an outcome of leveraging innovation, digital technology, and financial inclusion to mobilize sustainable low-cost deposits, the company’s asset base grew to 15.0 trillion and client deposits to 9.25 trillion, with CASA mixup increasing by 5% to 63%.
Access Holdings Plc will conclude the sale of its Pensions Custodian business and acquire a significant stake in First Guarantee Pensions Ltd and Sigma Pensions Ltd in the second half of 2022 to form Access Pensions Ltd.
This merger resulted in the formation of the fourth largest PFA in Nigeria, with Assets under Management of 0.9 trillion, firmly placing us in the league of Pensions industry strategic actors.
Future Projections and Aspiration
In Q3 2022, Acess Holdings Plc’s payment business went live with the Switching business, and in Q2 2023, the rest of the company is projected to be up and running. The general business forecast for 2023 remains optimistic as the financial institution embarks on a new 5-year strategic journey with the objective of becoming one of the top five financial service organizations in Africa by 2027.
