Access Holdings Plc announced growth in its profits before tax on Thursday, posting N729bn in 2023, representing a 335 per cent year-on-year increase from 2022.
The group, in its consolidated and separate financial statements for the year ended December 31, 2023, also reported 87 per cent increase in gross earnings to N2.59tn, up from N1.38tn in 2022.
In the year under review, the group’s gross earnings also surged by 87 per cent to N2.59tn, up from N1.38tn in 2022.
Head, Media and Public Relations, Access Holdings Plc, Olakunle Aderinokun, said in a statement sent to According Online on Thursday that the growth posted by the group for the financial year under review was primarily driven by a 100 per cent increase in interest income and a 67.9 per cent growth in non-interest income.
The group’s net interest income soared by 93.5 per cent to N695.4bn compared to N359.6bn in the previous year. The yield on earning assets also rose from 9.2 per cent in 2022 to 12.8 per cent.
Loans and advances expanded by 60.5 per cent to N8.9tn, following an improvement in the non-performing loan ratio, which decreased to 2.8 per cent from 3.2 per cent in 2022.
The group closed the year with N2.18tn in shareholders’ funds, marking a 77.5 per cent growth from N1.23tn in 2022.
Commenting on the performance, the Acting Group Chief Executive Officer, Access Holdings Plc, Bolaji Agbede, said: “The Group’s strong performance in 2023 reflects our commitment to delivering value to our shareholders and stakeholders amidst challenging operating environments.
“The significant growth in our earnings is a testament to the resilience, strategic focus, and efficiency of our team, and reflects the diversity of our offering across banking, pension, insurance, and payments driven by robust risk management, best-in-class corporate governance, and cutting-edge technology.
“As we look ahead, we remain committed to driving sustainable growth, consolidating our footprint, and accelerating the attainment of our 2027 strategic objectives.”
Access Holdings’ regulatory ratios strengthened in 2023 as capital adequacy ratios for the group, and its flagship subsidiary, Access bank, stood at 19.01 per cent and 21.09 per cent, respectively.
The liquidity ratio remained robust at 51.8 per cent, well above the regulatory threshold.
The Managing Director/CEO, Access Bank, Roosevelt Ogbonna, said: “As we reflect on the results of 2023, characterised by robust growth, strategic acquisitions, and expansion into key trade hubs, I am excited about the prospects for Access Bank. Our relentless focus on customer-centricity, digital innovation, and operational excellence has positioned us strongly to capitalise on emerging opportunities. As we enter the consolidation and efficiency phase of our Africa and international expansion strategy, we remain committed to driving sustainable growth, enhancing shareholder value, and delivering exceptional banking experiences to our customers across Africa and beyond.”
Access Holdings’ other subsidiaries also posted strong results, as Access Pensions Limited recorded a 75 per cent growth in gross revenues, amounting to N12.3bn, while Hydrogen Payment services posted an operating income of N2.1bn and a PBT of N161m.
The Group has proposed a final dividend of N1.80 kobo per share for the 2023 financial year, bringing the total dividend payment to N2.10 kobo per share with a total value of N74.6bn.
The Chairman, Access Holdings Plc, Aigboje Aig-Imoukhuede, said, “As we navigate this transformative period, we remain confident in the leadership of the Group to continue this upward trend and set the standard for financial service groups in the continent. Access Holdings has a rich history of excellence, and we will continue to deliver unparalleled value to our stakeholders.”
