Access Holdings full year 2022 result shows N1.4trn revenue

Access Holdings Plc has released its financial results for the year ended December 31, 2022. The Full Year 2022 financial results showed strong growth across revenue lines, despite the strong macroeconomic headwinds locally and internationally.

The Holding company recorded revenue of N1.4 trillion, a 43percent year on year (y/y) growth (FY’21: N971.9) as it begin to see the dividends of organic and inorganic activities across the ecosystem.

Access Holdings Plc recorded a Profit Before Tax (PBT) of N167.7 billion, 5percent y/y decline (FY’21: N176.6billion) following huge write downs from the Ghana sovereign debt crisis.

Overall, Interest Income grew 37percent y/y to N827billion, driven by a strong loan book growth despite the high inflationary environment.

Net loans and advances to customers grew by 25percent across the Banking group, with a deliberate focus on credit disbursement to critical segments and growth sectors of the economy.

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Access Holdings Plc also saw good growth across the Subsidiaries, in particular the UK (up 36percent to N1.1trillion in 2022).

The Holding company ended the year with over 58 million customers across the extensive network of subsidiaries and business verticals.

The company’s asset base grew to N15 trillion and customer deposits to N9.25 trillion, with
Current Account and Savings Account (CASA) mix up by 5percent, to 63percent as a result of leveraging innovation, digital technology and financial inclusion to mobilise sustainable low-cost deposits.

For Access Holdings Plc, the overall business outlook for 2023 remains strong as it begins its new 5-year strategic journey which aims to make the company one of the top 5 financial services organisation in Africa by 2027.

In the second half of 2022, Access Holdings Plc completed the divestment from Pensions Custodian business and acquired significant shareholding in First Guarantee Pensions Limited and Sigma Pensions Limited to form Access Pensions Limited.

This combination resulted in the creation of the 4th largest PFA in Nigeria, with Asset under Management of N0.9trilion, putting us clearly in the league of strategic players in the Pensions industry.

Its Payment business went live with the Switching business in third quarter (Q3) 2022, while the other areas of the business will become fully operational from second quarter (Q2) 2023.