Key Highlights
- Net Interest Income rose by 19.32% to N359.63 billion from N301.41 billion in 2021
- Profit After Tax was down 5% to N152.20 billion compared to N160.22 billion in 2021.
- Other Operating Expenses grew by 46.98% to N341.32 billion from N232.21 billion in 2021.
Access Holdings Plc has announced the release of its audited financial statements for the year ended 31st December 2022.
The Group’s gross earnings was up by 43% to N1.39 trillion from N971.89 billion reported in 2021, driven by strong growth in interest income.
Profit before Ttx dropped by 5% to N167.68 billion as against N176.58 billion posted in 2021.
According to the bank, net interest income rose by 19.32% to N359.63 billion from N301.41 billion in 2021.
This is on the back of increasing inflation which the economy continues to struggle. Headline inflation rate rose to 22.04% in March, a 0.13% increase from the 21.91% rate recorded in February, according to the latest report published by the Nigerian Bureau of Statistics (NBS) on Friday.
The report said the increase was buoyed by the jump in prices of food, housing, fuel and gas, among others. The figure shows a consistent increase in inflation rate for the last two years.
On a year-on-year basis, the headline inflation rate was 6.13% points higher compared to the rate recorded in March 2022 which was 15.92%.
Access Holdings’ Other Operating Expenses grew by 46.98% to N341.32 billion from N232.21 billion in 2021.
The Board of Directors proposed final dividend of N1.30k per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50k each payable to shareholders on the register of shareholding at the closure date. Withholding Tax will be deducted at the time of payment.
Below are more key highlights from Access Holdings’ audited financial statement.
Gross earnings
- 2022 FY: N1.39 trillion
- 2021 FY: N971.89 billion
- Change: +43%
Net interest income
- 2022 FY: N359.63 billion
- 2021 FY: N301.41billion
- Change: +19.32%
Other Operating Expenses
- 2022 FY: N341.32 billion
- 2021 FY: N232.21 billion
- Change: +46.98%
Pre-tax profit
- 2022 FY: N167.68 billion
- 2021 FY: N176.58 billion
- Change: -5%
Net Profit after tax
- 2022 FY: N152.20 billion
- 2021 FY: N160.22 billion
- Change: -5%
Bottom line
The slight drop in pre-tax profits was due to the decrease in Net foreign exchange gain and other operating income.
