Access Bank Breaks Frontiers As First Financial Company To Clinched N1 Trillion Gross Earnings In A Year

 

 Access Bank Makes History as First Financial Company to Surpass N1 Trillion Gross Earnings in a Year 

 

Access Bank has achieved record-breaking gross earnings of over N1 trillion for the year 2022 .

This is the first time a financial institution in Nigeria crossed the N1 trillion mark in one year Despite impressive earnings, the bank's profit for the year dropped due to challenges in Ghana's market, among others 

Access Bank, one of Nigeria's most significant financial institutions, has set a new achievement in the banking industry. According to a financial statement released on Wednesday, April 19, 2023, Access Bank's gross earnings increased to N1.38 trillion in 2022 from N971.8 billion recorded the previous year. This is the first time a financial institution in Nigeria will cross the N1 trillion mark in a single year.  

Despite impressive gross earnings, Access Bank's after-tax profit for 2022 dropped to N152.20 billion from N160.215 billion reported in 2021. 

 The decline in profit was primarily attributed to the bank's operations in Ghana. Like other financial institutions, Access Bank invests heavily in government debt offerings, including Treasury bills and bonds. However, Ghana's economic challenges led to debt restructuring, costing Access Bank a significant N103.10 billion. 

The bank said: "The Group took an impairment of N103.10Bn in recognition of the economic loss impact of Ghana's sovereign debt crisis (Domestic debt and Eurobonds). Also, Access Bank reports that it recorded impaired loans and advances of N176.94 billion. What that means is that the bank was unable that its customer's given loans and advances, failed to pay. Breakdown of Access banks financial result 

 "No be the same oil we dey sell?" Nigerians ask as Saudi Arabia adds $80bn to its wealth fund Income tax- N14.77 billion Deposits from customers- N9.25 trillion Loans and Advances to customers- N5.10trn Fee and commission income- N197.58bn List of 45 failed banks in Nigeria and dates of closure In another report, it was revealed that in the last 28 years, approximately 46 commercial and merchant banks have closed down for various reasons. 

The banks had their licenses revoked by the Central Bank of Nigeria between 1994 and 2006. United Bank of Africa and Ecobank took control of the two commercial banks that failed. Source: