Access Plc Boosts Gross Earnings 43% to N1.4trn
Access Corporation Plc reports a 5% decline in profitability in 2022, according to its audited financial statement posted on the Nigerian Exchange today.
However, the Pan African financial service group bolstered its gross earnings by about 43% year on year to N1.387 trillion from N971.885 billion recorded in 2021.
Driven by its Pan African expansion, the size of the Access Corp Plc topline performance is the first of its kind in the financial service sector.
The group reported an increase in interest income in the financial year 2022, while related funding costs also inched higher. Interest income surged by 37.53% to N827.466 billion from N601.651 billion in the comparable year in 2021.
The results came with interest expenses amounted to N467.834 billion, representing a 55.82% increase above N300.243 billion reported in 2021. Non-core operating also supported its earnings record.
According to the audited report, Access Corp raked in net fee and commission income worth N145.735 billion, 23.16% above 2021 figure which printed at N118.327 billion.
Access Plc’s net foreign exchange gain declined more than 65% to N34.5 billion, while net gain on financial instruments increased by 528% year on year to N281.304 billion.
Its activities resulted in more than 37% year-on-year growth in operating income which printed at N867.713 billion at the end of the financial year 2022, from N630.639 billion in the comparable year.
Profit before tax declined by 5% following an increase in staff costs, and other operating expenses amidst rising inflation rates across Africa markets.
Access Plc staff-related expenses rose more than 20% in 2022 to N116.621 billion from N96.614 billion. in addition, other operating expenses grew by 47.16% year on year to N341.712 billion from N232.211 billion in 2021.
In total, Access Corp Plc’s operating expenses rose by 35.54% in 2022 to N502.716 billion from N370.938 billion amidst a continuous acquisition-backed growth strategy.
Slumped by 5.04%, Access Corp’s pretax profit printed at N167.680 billion in 2022 compared with N176.581 billion reported in 2021. With a 10% growth in income tax, the group’s annual profit settled at N152.902 billion, representing a 4.49% decline to N160.096 billion.