Access Holdings Plc took a big advantage of its aggressive offshore expansion to build a balance sheet of N26.7 trillion in 2023 — the biggest asset expansion the bank holding company has seen in many years.
The multinational banking group has one of the largest offshore banking operations among the Nigerian banking giants and, therefore, raked in one of the biggest net foreign exchange gains, as the naira devaluation last year multiplied the values of dollar-denominated assets in local currency counting.Offshore operations led business growth by assets and earnings with the contribution of offshore banking subsidiaries to total operating income growing from 22.7 percent in 2022 to 25.
Leading the massive growth in earnings is total interest income that doubled to N1.65 trillion in the year. The bank has not seen interest income grow anything close to that record in its many years of trading. Loan loss expenses led the cost-saving lines in the year, with a drop of 29.5 percent to N139.5 billion at the end of the year.
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