Access Bank’s Losses Widen in South Africa, Kenya, Mozambique
Access Bank posted wider losses in South Africa, Kenya and Mozambique last year, with a combined increase of more than fourfold compared to 2023.
Its combined loss in the three countries deepened to N44.59 billion from N9.5 billion in the previous year, according to Markets Reporters’ analysis of data from its parent Access Holdings’ earnings report.
The lender, which has operations in 16 countries, suffered the biggest after-tax loss of N27.95 billion in South Africa compared to N6.21 billion in 2023.
It reported losses of N11.99 billion and N4.66 billion in Kenya and Mozambique respectively, up from N1.31 billion and N1.98 billion in the previous year.
Access Holdings’ countries of operations include Nigeria, Gambia, Sierra Leone, Cameroon, Rwanda, Zambia, Ghana, the Democratic Republic of the Congo, Tanzania, Botswana, Guinea, Angola, and the United Kingdom. It reported profits in those countries, with its home market of Nigeria accounting for the biggest share, followed by the UK.
The group’s profit before tax rose by 19% to N867.0 billion, while its net income increased by 3.69 percent to N642.2 billion. Its total assets grew by 55.5 percent to N41.498 trillion, and customer deposits jumped by 47 percent to N22.525 trillion. Shareholders’ funds also increased by 72 percent to N3.760 trillion.
