Aduragbemi Omiyale
By Aduragbemi Omiyale
In the 2023 financial year, Access Holdings cut down its non-performing loans (NPLs) ratio to 2.8 per cent from 3.2 per cent in the preceding fiscal year, amid a 60.5 per cent year-on-year rise in loans and advances to N8.9 trillion, its financial statements released to the investing public on Wednesday revealed.
It was further disclosed that last year, the firm grew its shareholders’ funds by 77.5 per cent to N2.18 trillion from N1.23 trillion, as its banking subsidiary, Access Bank, prepares for the new capital base of N500 million set by the Central Bank of Nigeria (CBN) in a circular released yesterday.
A look at the performance of the financial institution showed that the gross earnings surged by 87 per cent to N2.59 trillion from N1.38 trillion in 2022 due to a 100 per cent increase in interest income and a 67.9 per cent growth in non-interest income.
Its net interest income soared by 93.5 per cent to N695.4 billion from N359.6 billion, with yield on earning assets improving to 12.8 per cent from 9.2 per cent.
In the year under review, the profit before tax posted a healthy growth of 335 per cent as it closed at N729 billion, prompting the board to declare a final dividend of N1.80 per share for the 2023 financial year, bringing the total dividend payment to N2.10 per share with a total value of N74.6 billion.
“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,” the acting chief executive of Access Holdings, Ms Bolaji Agbede, said.
Also, the chairman of Access Holdings, Mr Aigboje Aig-Imoukhuede, while commenting, said, “As we navigate this transformative period, we remain confident in the leadership of the group to continue this upward trend and set the standard for financial service groups in the continent.
“Access Holdings has a rich history of excellence, and we will continue to deliver unparalleled value to our stakeholders.”
