Nigeria: Access Bank Gross Earnings Increased By 27%

Access Bank Plc has reported gross earnings of N971.9 billion for the fiscal year ended December 31, 2021, a 27% increase over the N764.7 billion reported in the previous fiscal year.

According to the bank’s financial results, which were released to the Nigerian Exchange Limited, NGX, its Profit Before Tax (PBT) for the period increased by 40% year on year, y/y, to N176.7 billion from N125.9 billion in 2020. Profit After Tax (PAT) increased by 51% year on year to N160.2 billion, up from N106.0 billion in 2020.

The Group’s asset base remained strong and resilient, with total assets of N11.7 trillion as of December 2021, representing a 35% year-on-year increase from N8.7 trillion in 2020.

Other performance indicators show that customer deposits reached N7.0 trillion in December 2021, up from N5.6 trillion in the previous year.

Net Loans and Advances stood at N4.4 trillion in December 2021, up from N3.6 trillion in the previous year. The ratio of non-performing loans (NPLs) was 4.0% in December 2021, up from 4.3% in 2020.

Herbert Wigwe, Chief Executive Officer of Access Bank Plc said “Our diversified business model yielded positive sustainable results, guided by a robust risk management framework, as we grew the business cautiously and recorded sound prudential ratios. Despite challenging market conditions, this year’s results reinforce our resolve to generate long-term returns.

“With a Basel II Capital Adequacy Ratio of 24.5% and a Liquidity Ratio of 51.0%, we maintained robust capital and liquidity positions that were well above regulatory levels.” This enables the Bank to support our customers across multiple markets while also effectively executing our expansion strategy.

To realize our vision of becoming the world’s most respected African bank and Africa’s Payment Gateway, we have taken strategic steps to leave indelible imprints on the African continent. Our most recent additions are in South Africa, Botswana, and Guinea. We also expanded our operations in Mozambique and Zambia, where we saw significant improvements in rankings and market share.

“2022 is pivotal for our franchise, as we complete our 2018-2022 corporate strategic plan,” he said. We will focus this year on a disciplined implementation of our strategy to drive efficiency and operational excellence across all segments, expand revenue, and increase profitability, with a greater emphasis on risk management practices and a disciplined cost containment structure.”