The parent firm of Access Bank, Access Holdings Plc, has achieved a new milestone in the banking sector. The financial company’s financial statement, which was made public on Wednesday, April 19, 2023, shows that in 2022, gross earnings rose from N971.8 billion in the prior year to N1.38 trillion. In Nigeria, a financial institution will now earn more than N1 trillion in a single year for the first time.
The bank’s activities in Ghana were mostly to blame for the drop in profit. Like other financial institutions, Access Bank invests substantially in government debt securities, such as Treasury bills and bonds, due to their relative safety. However, due to Ghana’s economic difficulties, debt had to be restructured, which cost Access Bank a staggering N103.10 billion.
Part of the bank’s statement reads: “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 customers’ given loans and advances failed to pay.