Access Holdings Plc has announced a drop in net profit after tax from N160.22b in 2021 to N152.20b in 2022, representing a five per cent slide from the previous year.

Disclosing the earnings in its audited financial statements for the year ended 31st December 2022, the company also recorded a drop in profit before tax to N167.68b in 2022, as against N176.58b in 2021.

The company attributed the drop in pre-tax profits to the decrease in net foreign exchange gain and other operating incomes.

Meanwhile, the group’s gross earnings was up by 43 per cent to N1.39trn from N971.89b reported in 2021, driven by strong growth in interest income.

According to the bank, the overall interest income grew by 37 per cent  year-on-year to ₦827b, driven by a strong loan book growth despite the high inflationary environment.

Net loans and advances to customers grew by 25 per cent across the banking group, with a deliberate focus on credit disbursement to critical segments and growth sectors of the economy.

“We also saw good growth across the subsidiaries, in particular the United Kingdom (UK) (up 36 per cent to N1.1trn in 2022)”

Access Holdings Plc ended the year with over 58 million customers across the extensive network of subsidiaries and business verticals.

The company’s asset base grew to ₦15.0trn and customer deposits to ₦9.25trn, with CASA mix up by 5 per cent, to 63 per cent as a result of leveraging innovation, digital technology and financial inclusion to mobilise sustainable low-cost deposits.

In the second half of 2022, Access Holdings Plc completed the divestment from Pensions Custodian business and acquired significant shareholding in First Guarantee Pensions Ltd & Sigma Pensions Ltd to form Access Pensions Ltd.

This combination resulted in the creation of the fourth largest PFA in Nigeria, with Asset under Management of ₦0.9trn, putting it clearly in the league of strategic players in the pensions industry.

“Our payment business went live with the switching business in Q3 2022, while the other areas of the business will become fully operational from Q2 2023. The overall business outlook for 2023 remains strong as we begin our new five-year strategic journey which aims to make us one of the top five financial services organisation in Africa by 2027,” it stated.