Access Holdings Plc experienced a significant increase in its asset base, reaching N26.7 trillion in 2023. This marks the largest expansion in the bank holding company's history, driven by aggressive offshore expansion. The audited financial report for the year ended December 2023 reveals a 78 percent growth in assets, amounting to N11.7 trillion. The bank's offshore banking operations contributed to substantial net foreign exchange gains due to the devaluation of the naira in 2022.
Access Holdings Plc achieved a significant asset expansion of N26.7 trillion in 2023, thanks to its aggressive offshore expansion . This marks the largest growth in the bank holding company's history. The audited financial report for the year ended December 2023 reveals a 78 percent increase in asset base, amounting to N11.7 trillion. In comparison, Access Holdings could not achieve the same level of asset expansion in the previous five years.
The bank's offshore banking operations contributed to substantial net foreign exchange gains due to the devaluation of the naira in 2022
Access Holdings Asset Expansion Offshore Expansion Audited Financial Report Net Foreign Exchange Gains Naira Devaluation
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Access Holdings built N26.7trn balance sheet in 2023 -- biggest expansion in yearsNigeria's independent online newspaper
Read more »
Julius Berger Nigeria Plc Reports Profit Increase in 2023Julius Berger Nigeria Plc managed to avoid a profit drop and achieved a significant increase in after-tax profit in 2023, thanks to foreign exchange gains and enhanced investment income. The company's full-year unaudited financial report shows operating pressure that halted turnover growth but with the help of exchange gains and investment earnings, the company turned around from a profit decline in 2022.
Read more »
Nigerian Breweries Plc Reports Huge Losses for 2023Nigerian Breweries Plc suffered losses throughout 2023, resulting in a total loss of N106.3 billion for the year. This has significantly reduced the company's equity resources, which decreased from N180 billion to N63.3 billion.
Read more »
IWD: Journalist hosts luncheon for women in honour of WigweMs Ngwube said she was inspired by an event by Access Bank in 2023 for IWD.
Read more »
Coronation Group, Access Holdings, others explore remittancesThe Nation Newspaper Coronation Group, Access Holdings, others explore remittances
Read more »
STOCKWATCH: UPDC REIT, FCMB Group, Access Holdings top stocks pick this weekThis is not a buy, sell or hold recommendation but a stock investment guide.
Read more »