Access Bank Grows Profit After Tax by 51% in 2021

Access Bank Plc grew across key units in the 2021 financial year, according to the bank’s latest audited financial statement released for the year.

In the year ended December 31, 2021, the bank profit before tax appreciated by 40% year-on-year to N176.7 billion, up from N125.9 billion achieved in 2020. Profit after tax stood at N160.2 billion, an increase of 51% from N106 billion achieved in 2020.

Gross earnings for the year increased 27% from N761.7 billion in the corresponding period to N971.9 billion. While customer deposits inched high to N7 trillion from N5.6 trillion filed in 2020. Net loans and advances rose to N4.4 trillion from N3.6 trillion.

The lender cut down on its non-performing loans (NPL), NPL ratio moderated to 4% from 4.3% in 2020. The bank paid N16.485 billion in income tax.

Access Bank proposed a final dividend of 70 Kobo per ordinary share of 50 Kobo each.

Speaking on the lender’s performance, 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 percent and a Liquidity Ratio of 51.0 percent. 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.”