Access Holdings Plc has announced the release of its audited financial statements for the year 2022 with group gross earnings increase of 43% to 1.39 trillion from the N971.89 billion recorded in the previous year.
According to the bank, the delivery in gross earnings was driven by strong growth in interest income.
Also, the net interest income rose by 19.32% to N359.63 billion from N301.41 billion in 2021. Other Operating Expenses grew by 46.98% to N341.32 billion from N232.21 billion in 2021. This is on the back of increasing inflation which the economy continues to struggle.
The Board of Directors proposed final dividend of N1.30k per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50k each payable to shareholders on the register of shareholding at the closure date. Withholding Tax will be deducted at the time of payment.
According to the Nigerian Bureau of Statistics (NBS), Headline inflation rate rose to 22.04% in March, 2023 a 0.13% increase from the 21.91% rate recorded in February, 2023.
The report said the increase was buoyed by the jump in prices of food, housing, fuel and gas, among others. The figure shows a consistent increase in inflation rate for the last two years.
On a year-on-year basis, the headline inflation rate was 6.13% points higher compared to the rate recorded in March 2022 which was 15.92%.
However, there was a slight drop in the profit before tax by 5% to N167.68 billion as against N176.58 billion posted in 2021. The slight drop in pre-tax profits was due to the decrease in Net foreign exchange gain and other operating income.