Access Holdings revenue hits N1.4trn, profit drops 5%

Access Holdings Plc has announced a record revenue of N1.4 trillion for the financial year ended December 31, 2022. The growth represents a 43 per cent over N971.9 billion recorded in the same period 2021.

Despite the revenue growth, the HoldCo blamed its five percent declines in Profit Before Tax of N167.7bn on local and international macroeconomic headwinds from N176.6bn put forward in 2021. “The decline was occasioned by huge write downs from the Ghana sovereign debt crisis”.

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Access Holdings revenue hits N1.4trn, profit drops 5%

Overall, interest income grew 37% to N827bn, driven by a strong loan book growth despite the high inflationary environment. Net loans and advances to customers grew by 25% across the banking group, with a deliberate focus on credit disbursement to critical segments and growth sectors of the economy.

The financial report, which was made available in a corporate disclosure on Thursday, showed strong growth across revenue lines and subsidiaries, especially the UK (up 36% to N1.1trn) in 2022.