Access Holdings Plc (NGX: ACCESSCORP) reported a 42.81% growth in gross earnings for the year ended December 31, 2022. However, the profit after tax for the period declined by 5%.
Income statement
- Gross earnings rose to N1.39 trillion in 2022 from N971.89 billion in 2021.
- Net interest income after impairment charges declined to N366.63 billion in 2022 from N320.80 billion in 2021.
- Net fee and commission income rose to N145.74 billion in 2022 from N118.33 billion in 2022
- Personnel and other operating expenses amounted to N116.62 billion and N341.32 billion respectively in 2022. In 2021, personnel and other operating expenses stood at N96.61 billion and N232.21 billion respectively.
- Profit before tax decreased to N167.68 billion in 2022 from N176.58 billion in 2021.
- Access Holdings reported an income tax expense of N14.78 billion in 2022,down from N16.49 billion recorded in 2021.
- Profit for the period after tax declined to N152.20 billion in 2022, from N160.22 billion in 2021.
- Earnings per share dropped slightly to N4.44 in 2022 from N4.58 in 2021.
The Board of Directors proposed Final Dividend of N1.30k (One Naira Thirty Kobo) per ordinary share of 50 Kobo each. An interim dividend of 20 kobo per ordinary share of 50 kobo each was paid by the Board of Directors.
Withholding Tax will be deducted at the time of payment.
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Balance sheet
Access Holdings Plc’s total assets rose to N15.00 trillion as at December 31, 2022 from N11.73 trillion as at December 31, 2021.
Major components of the assets:
- Loans and advances to customers: N5.1 trillion (N4.16 trillion in 2021)
- Investment Securities: N2.76 trillion (N2.27 trillion in 2021)
- Restricted deposit and other assets: N2.42 trillion (N1.71 trillion in 2021)
- Cash and balances with banks: N1.97 trillion (N1.49 trillion in 2021).
Total liabilities rose to N13.77 trillion as at December 31, 2022 from N10.68 trillion as at December 31, 2021, mainly due to increase in customers’ deposits.
Major components of the liabilities:
- Customers’ deposits: N9.25 trillion (N6.95 trillion in 2021)
- Deposits from financial institutions: N2.01 trillion (N1.70 trillion in 2021).
- Interest-bearing borrowings: N1.39 trillion (N1.17 trillion in 2021)
Total shareholders’ equity increased to N1.21 trillion as at December 31, 2022 from N1.03 trillion in 2021, mainly due to increases in fair value reserve regulatory risk reserve to N78.96 billion and N78.56 billion respectively.
Cash flow:
- Net cash flows generated from operations dipped to N935.64 billion in 2022 from N961.90 billion in 2021.
- Net cash used in investing activities dropped to N625.27 billion in 2022 from N813.71 billion in 2021.
- Net cash generated from financing activities dropped to N41.17 billion in 2022 from N509.00 billion in 2021.
- Cash and cash equivalents at end of year rose to N1.93 trillion from N1.53 trillion in 2021.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.