Access Bank Holding Company, Nigeria’s largest bank by asset, has released its annual report for the fiscal year 2023, revealing impressive financial performance and substantial growth.
The bank’s profit for the year jumped a staggering 306% to N619.3 billion, compared to N152.9 billion recorded in 2022. This impressive leap reflects the bank’s strong financial performance and its ability to capitalize on market opportunities.
A key driver of this profit surge was the significant rise in net interest income. This metric, which represents the difference between interest earned on loans and interest paid on deposits, ballooned to N695.4 billion in 2023, a remarkable 94% increase compared to N359.6 billion recorded the previous year.
Access Bank Holdings also witnessed a substantial expansion of its asset base. The bank’s total assets grew an impressive 433% to N26.7 trillion in 2023, compared to N4.998 trillion reported at the end of 2022. This significant growth indicates the bank’s strategic expansion and its ability to attract new business.
The bank reported a substantial rise in fraud, saying it lost N6.15 billion last year, a rise from N1.44 billion in 2022.
The biggest loss came from fraudulent transfers, withdrawals and reactivation of accounts.
“This report represents the fraud and forgery incidents that occurred during the period. It is a summation of attempted and successful fraud incidents. The actual loss that was incurred by the Bank for the year is N6.15bn (December 2022: N1.44bn),” it said.
Dividend Payout
The bank declared a dividend of N1.80 per share, resulting in a total dividend payout of N2.10 for the year. To qualify for this dividend, shareholders must ensure that their names are registered in the bank’s records by April 10.
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