Access Holdings Plc, the parent company of Access Bank, has announced a net profit of N152.90 billion for the period of 2022.
The earnings report, which was released on Thursday, revealed a -4.49 per cent decline in net profit after tax when compared to the N160.09 billion net profit recorded in the same period in 2021.
The company’s profit before tax also dropped by 5.04 per cent to N167.68 billion, which is N8.9 billion lower than the N176.58 billion reported in the preceding year.
Despite a 42.8 per cent growth in gross earnings, Access Holdings’ net profit depreciated between January to December 2022.
The consolidated and separate financial statements for the year ended December 31, 2022, showed that the gross earnings closed last year with N1.38 trillion. This represents an annual turnover of N416.02 billion more than the N971.88 billion generated by the financial institution in 2021.
The Board of Directors of Access Holdings proposed a final dividend of N1.30 kobo per share for its shareholders for the financial period of 2022.
The final dividend of N1.30 kobo is worth N46.20 billion, which will be shared among its shareholders holding 35.54 billion shares.
Access Bank has been one of the leading financial institutions in Nigeria, with a reputation for providing innovative banking services to its customers. The bank has continued to expand its operations and has recorded significant growth in recent years.
However, the decline in net profit for the period of 2022 suggests that the bank may need to take steps to address the challenges it is facing.