Access Bank Plc Achieves Record Gross Earnings of N1.4 Trillion in 2022, Demonstrating Strong Financial Performance
- What were the key challenges faced by Access Bank Plc in 2022, and how did the bank perform financially?
- Access Bank Plc faced challenges such as geopolitical tensions, economic pressures, inflationary pressures, and the Russia-Ukraine conflict. Despite these challenges, the bank reported outstanding financial performance in 2022, achieving record high gross earnings of N1.4 trillion and demonstrating strong risk and capital management practices.
Summary of Key Insights:
- Access Bank Plc achieved most of its goals set for the 2018-2022 strategy cycle, including becoming the first Nigerian financial institution to cross the N1 trillion gross earnings mark.
- The bank faced significant challenges in 2022, including geopolitical tensions, economic pressures, and inflationary pressures.
- The ongoing Russia-Ukraine conflict had implications on the global economy, leading to political tensions, economic sanctions, and a humanitarian crisis.
- Inflationary pressures and tightening monetary policies by major global central banks, including the Central Bank of Nigeria and the Federal Reserve, created economic uncertainties.
- Ghana experienced high inflation, weakened currency, and concerns over debt sustainability, leading to a debt restructuring exercise.
- Access Bank expanded its operations into Cameroon in 2022 and received regulatory approval to commence operations in France.
- The bank reported outstanding financial performance in 2022, with record high gross earnings of N1.4 trillion and significant growth in total assets to N14.9 trillion.
- The bank consistently outperformed the market on key growth metrics, maintained a double-digit return on equity, and demonstrated strong risk and capital management practices.
- The bank participated in the Ghanaian government Domestic Debt Exchange program, resulting in an impairment charge on its Ghana bonds and Eurobonds.
- Looking forward, Access Bank aims to pursue retail expansion, drive financial inclusion, consolidate its wholesale business, deepen digital penetration, and support intra-African trade.
- The bank aims to become a regional trade settlement leader for global corporates/multinationals with a presence in Africa and expects increased contributions from its African subsidiaries in the next 5 years.
- The bank acknowledges the lessons learned from the macroeconomic and regulatory environment in 2022 and emphasizes the execution of its strategy, operational efficiency, and delivering value to shareholders.
Useful links
- Access Holdings Plc (ACCESS.ng) 2022 Annual Report
- Access Holdings Plc on AfricanFinancials
- Corporate Website
About Access Holdings Plc (ACCESS.ng)
Access Holdings Plc formerly (Access Bank Plc) is a leading financial institution offering banking products and services for the retail, private, corporate and institutional and non-institutional sectors in Africa and Europe. The company offers solutions for corporate and investment banking, commercial banking, personal banking and business banking. In addition to transactional banking, Access Bank Plc offers cash management and treasury services, project and structured finance, supply chain and trade finance as well as insurance, brokerage services, liquidity management and debt management programmes. The company was established in 1989 and has grown its national and international footprint to approximately 300 branches. Access Bank Plc’s head office is in Lagos, Nigeria. Access Holdings Plc is listed on the Nigerian Stock Exchange
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