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Tuesday, March 28, 2023

Access Banks profit from rest of Africa now 24% of operations

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Access Bank Nigeria’s largest lender by assets is beginning to see upside from its aggressive expansion and acquisitions in the rest of Africa region.

The bank reported Rest of Africa pre-tax profit of N32.6 billion up by 36 percent compared to the earlier period on revenues of N97 billion.

Access Bank reported Group pre-tax profit of N135 billion as at September 2021, meaning Africa operations now make up 24 percent of operations.

Total assets attributed to its Rest of Africa operations jumped by 67.6 percent to N1.076 trillion in Q3 2021, compared to N642 billion in September 2020.

Rest of Africa operations contributed 10.3 percent of total assets for the Group which came in at N10.366 trillion.

Deposits from the Rest of Africa stood at N698.7 billion up 65% from a year earlier.

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