Access Holdings’ Net Profit Drops N7.19bn, Shareholders Share N46.20bn Dividends

Access Holdings has revealed that its profit after tax plummeted in 2022, as the financial institution closed last year with N152.90 billion.

The net profit dropped by N7.19 billion between January to December last year, considering Access Holdings recorded N160.09 billion within the same period the previous year. 

This was obtained from Access Holdings’ consolidated and separate financial statements for the year ended 31 December 2022. 

In the financial record released on Thursday, 20 April, Access Holdings, the parent company of Access Bank, said its gross earnings for 2022 rose by 42.8 per cent.

This represents N416.02 billion increase in the firm’s total revenue last year, as Access Holdings grossed N1.38 trillion, surpassing the N971.88 billion earnings reported in the corresponding period of 2021. 

One of its revenue sources, the electronic channels, generated N59.65 billion last year, failing to surpass the N66.28 billion generated in 2021.

Meanwhile, shareholders of Access Holdings will have N46.20 billion to share should they approve the N1.30 kobo final dividend proposed by the company’s board of directors for equity investments held during the financial period of 2022. 

Commenting on the dividend proposed, the firm said: “The Board of Directors paid an Interim Dividend of 20 Kobo (Twenty Kobo) 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 was deducted at the time of payment. 

“The Board of Directors proposed Final Dividend of N1.30k (One Naira Thirty Kobo) 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.” 

Also, Access Holdings disclosed that there’s N18.55 billion unclaimed dividend as of the end of December 2022, up from the N17.27 billion reported in 2021.