March 18, 2022

Access Bank records 27% increase in gross earnings to N971 bn

Access Bank to acquire National Bank of Kenya

By Peter Egwuatu

Access Bank Plc has recorded gross earnings of N971.9 billion for the financial year ended December 31, 2021, representing an increase of 27 per cent over N764.7 billion posted in the financial year 2020.

The Bank’s financial results released to the Nigerian Exchange Limited, NGX on Friday shows that its  Profit Before Tax (PBT) for the period rose by 40 per cent  Year on Year,  y/y to N176.7billion from  N125.9billion in 2020. Profit After Tax (PAT) also grew by 51 per cent  y/y to N160.2billion from N106.0 billion in 2020.

The assets base of the Group remained strong and resilient with total assets of N11.7 trillion as at December 2021, representing a growth of 35 per cent y/y from N8.7 trillion in 2020.

Other performance indicators show that customer deposits stood at N7.0 trillion as at December 2021 from N5.6trillion in 2020. Net Loans and Advances stood at N4.4 trillion as at December 2021 from N3.6 trillion in 2020. Non-Performing loans (NPL) ratio stood at 4.0 per cent as at December 2021 as against 4.3 per cent in 2020.

Commenting on the result, Chief Executive Officer, Access Bank Plc, Herbert Wigwe, 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. This year’s results reinforce our resolve to generate sustainable returns despite challenging market conditions.

“We sustained robust capital and liquidity positions, well above regulatory levels with a Basel II Capital Adequacy Ratio of 24.5 per cent and a Liquidity Ratio of 51.0 per cent . This positions the Bank to support our customers across various markets and adequately execute our expansion strategy.

To actualize our vision of becoming the world’s most respected African Bank and Africa’s Payment Gateway, we have taken strategic strides to create indelible footprints across the African continent. These include our most recent additions in South Africa, Botswana, and Guinea We also strengthened our business in Mozambique and Zambia, with noticeable improvement in rankings and market share.

He stated that “2022 is pivotal for our franchise, as we conclude our 2018-2022 corporate strategic plan. In the year, we will focus on a disciplined implementation of our strategy to drive efficiency and operational excellence across all segments, expand revenue and increase profitability, with enhanced focus on risk management practices and a disciplined cost containment structure.”

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