Access Bank Assets Hits N20.8trn After Acquisitions Of Three African Banks

Access Bank Plc has grown its revenue by 58.8 per cent from N591.8bn in the first half of 2022 to N940bn by the end of June 2023. The bank has also become the first lender in Nigeria to hit N20.8trn asset base.

But Access Bank fell to the third biggest Nigerian bank by revenue behind United Bank for Africa (N981bn) and Zenith Bank Plc (N961bn) after leading the lenders a year ago.

Access Bank boosted its profit before tax to N167.6bn up from the N97.79bn realized in 2022 first-half while profit after tax rose from N88.73bn recorded last year to N135.4bn in June this year.

Assets rose by 39 per cent from N14.99trn in December to N20.85trn, making Access the country’s biggest bank by assets.

Zenith Bank Plc has assets of N16trn; United Bank for Africa with N15.38trn and First Bank of Nigeria Holdings Plc N14.17trn.

Also, Access Bank cash and balances with banks rose to N2trn during the review period.

The major contributors to the assets growth are loans and advances to customers worth N6.7trn up from N5.1trn; investment securities which surged to N4.54trn from N2.76trn and restricted deposit and other assets which rose to N3.06trn from N2.4trn last year.

The growth in assets is also linked to acquisitions approved by the Board of Directors to acquire Finibanco Angola, African Banking corporation (Tanzania) limited and Standard Chartered Bank subsidiaries.

The National Bank of Angola as at August 10, 2023 approved the transfer of 100 per cent shares of Finibanco Angola to Access Bank (Nigeria) Plc. The share capital of Finibanco Angola SA now has a single shareholder.

As at July 14, 2023 Access Bank entered into a definitive agreement for acquisition of majority equity stake of African Banking corporation (Tanzania) limited.

Access Bank entered into another agreement with Standard Chartered Bank to acquire majority shareholding in its subsidiaries in Angola, Cameroon, the Gambia, Sierra Leone and Tanzania.

However, liabilities of the lender rose to N19.1trn from N13.7trn in December 2022.