According to Access Holdings Plc, net profit after tax will fall from N160.22 billion in 2021 to N152.20 billion in 2022, a 5% decrease from the prior year, as captioned by the Entrepreneurng report.
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The corporation reported the earnings in its audited financial records for the year ended December 31, 2022, and noted a decrease in profit before tax to N167.68 billion in 2022 from N176.58 billion in 2021.
The company cited the decline in net foreign currency gain and other operating earnings for the pre-tax profit decline.
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The group’s gross earnings increased by 43% to N1.39 trillion from N971.89 billion reported in 2021, mainly by a significant increase in interest income.
According to the bank, despite the high inflationary environment, the entire interest revenue increased by 37% year over year to $827 billion.
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However, with a conscious focus on credit disbursement to key segments and growing areas of the economy, net loans and advances to customers increased by 25% across the banking group.
We also observed strong expansion across all subsidiaries, particularly in the United Kingdom (UK), which increased 36% to N1.1 trillion in 2022.
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Over 58 million customers used Access Holdings Plc’s vast network of subsidiaries and industry verticals at the end of the year.
By utilizing innovation, digital technology, and financial inclusion to mobilize sustainable low-cost deposits, the company’s asset base increased to $15.0 trillion and client deposits to $9.25 trillion, with CASA mix up by 5% to reach 63 percent.
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To create Access Pensions Ltd., Access Holdings Plc finalized the sale of its Pensions Custodian business in the second half of 2022 and purchased a sizeable stake in First Guarantee Pensions Ltd. and Sigma Pensions Ltd.
Nonetheless, with a combined Asset Under Management of $0.9 trillion, this combination produced the fourth-largest PFA in Nigeria, placing it firmly among the strategic players in the pensions sector.
In conclusion, the switching business and our payment business both went live in Q3 2022, and the remaining parts of the firm will start operating at full capacity in Q2 2023. As we embark on a new five-year strategy path that will position us among the top five financial services organizations in Africa by 2027, the overall business picture for 2023 remains positive, it was said.
Source: The Guardian
