Access Bank Plc has announced a 40 per cent increase in its audited financial statement for period ended December 31, 2021 to N176.7billion from N125.9 billion reported in the financial statement ended December 31, 2020.
The lender grew profit for the year by 51 per cent to N160.2billion from N106 billion in 2020 financial year.
The lender on the Nigerian Exchange Limited (NGX) also disclosed that its gross earnings rose by 27per cent to to N971.9billion in 2021 from N764.7billion reported in 2020, with interest and non-interest income contributing 62per cent and 38per cent respectively.
The group’s assets base remained strong and resilient with total assets of N11.7trillion as at December 2021, a growth of 35 per cent from N8.7trillion as at 2020.
Customer Deposits totaled N7 trillion in 2021 from N5.6trillion in 2020, while net loans and advances totaled at N4.4 trillion in 2021 from N3.6trillion reported in 2020.
The Chief Executive Officer, Access Bank, Mr. Herbert Wigwe in a statement maintained that:”
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. The Group achieved a 27 per cent y/y growth in gross earnings to N971.9billion (FY 2020: N764.7billion), leading to an improvement in the Profit After Tax to N160.2billion (FY 2020: N106.0billion).
“Consequently, our Return on Average Equity (ROAE) stood at 17.8%, tracking in line with our commitment to stakeholders.
“We sustained robust capital and liquidity positions, well above regulatory levels with a Basel II Capital Adequacy Ratio of 24.5per cent and a Liquidity Ratio of 51per 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.
“In the year, we successfully issued the first Additional Tier 1 (AT1) Eurobond out of Nigeria. The $500 million instrument enhances our capital ratios and provides significant headroom for growth and the execution of our strategic objectives.
“We also issued a $500 million Senior Unsecured Eurobond during the period, elongating the duration of our FX balance sheet and strengthening our liquidity. 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”
He added that: “As we go into our next 5-year strategy cycle, we are realigning the franchise for growth, by transitioning into a Holding Company (HoldCo). This will enable us to unlock and capture available non-banking opportunities in the market, that would lead to the diversification of our earnings, drive efficiency, and grow scale while maintaining our moderate risk management approach.
“Having met regulatory requirements and obtained the Court Sanction, we expect the HoldCo to become operational is the first half (H1) of 2022. This will lead to the delisting of Access Bank Plc’s shares on the Nigerian Exchange (NGX) and listing of Access HoldCo shares “
