Access Holdings Plc has released its audited Consolidated and Separate Financial statements for the year ended December 31, 2023, posting profit before tax of N729 billion.
The amount represents an increase of 335 per cent year on year compared with N167.680 billion reported in the comparative period of 2022.
The group also recorded profit after tax of N619.324 billion, representing 305.05 per cent year on year against N152.902 billion achieved in the corresponding period of last year.
Access Holdings’ Gross Earnings (GE) also surged by 87 per cent YoY to N2.59 trillion, up from N1.38 trillion in 2022.
This remarkable growth 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 also demonstrated strong performance, soaring by 93.5 per cent YoY to N695.4 billion, compared to N359.6 billion in the previous year. The yield on earning assets also rose remarkably from 9.2 per cent in 2022 to 12.8 per cent.
The group Loans & Advances expanded by 60.5 per cent YoY to N8.9 trillion, accompanied by 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 N2.18 trillion in shareholders’ Funds, marking a significant 77.5 per cent growth from N1.23 trillion in 2022 financial year
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.
Managing Director/Chief Executive Officer Access Bank, Roosevelt Ogbonna, remarked on the Bank’s accomplishments, saying: “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.
