Access : 2022 Access Bank’s Q3 Financial Statement (Abridged)

UNAUDITED RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

The Board of Directors of Access Bank is pleased to announce the Group's unaudited results for the nine months ended September 30, 2022

CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 September 2022

In millions of Naira	GROUP		GROUP	BANK		BANK
SEPTEMBER		DECEMBER	SEPTEMBER		DECEMBER
								2022	2021		2022	2021
Cash and Balances with Banks	1,797,227	1,487,665		1,503,875	1,068,977
Investment under management	3,551	34,942		3,551	34,942
Non pledged trading assets	464,897	892,508		441,865	803,806
Derivative financial assets	188,362	171,332		177,176	161,439
Loans and advances to banks	329,400	284,548		225,335	322,259
Loans and advances to customers	4,621,737	4,161,363		3,741,966	3,256,073
Pledged assets	941,828	344,537		941,828	344,537
Investment securities	2,452,414	2,270,338		1,548,722	1,553,458
Investment properties	217	217		217	217
Restricted deposit and other assets	2,206,428	1,707,290		2,069,827	1,601,379
Investment in associates	3,645	2,641		3,434	2,548
Investment in subsidiaries	-	-		247,387	215,775
Property and equipment	259,297	247,734		216,338	194,071
Intangible assets	64,205	70,332		52,911	58,734
Deferred tax assets	13,196		13,781		6,370		-
								13,346,404		11,689,228		11,180,904		9,618,214
								34,163		42,737		34,163		42,547
								13,380,567		11,731,965		11,215,066		9,660,761
Deposits from financial institutions	2,068,647	1,696,521		1,791,748	1,422,707
Deposits from customers	8,189,263	6,954,828		6,704,339	5,517,069
Derivative financial liabilities	18,880	13,953		16,710	9,943
Current tax liabilities	5,367	4,643		11,378	3,132
Other liabilities	498,342	560,708		388,412	495,161
Deferred tax liabilities	1,957	11,652		-	4,374
Debt securities issued	288,819	264,494		285,311	260,644
Interest-bearing borrowings	1,268,837	1,171,260		1,143,949	1,072,435
Retirement benefit obligations	4,369		3,877		4,338		3,846
								12,344,481		10,681,936		10,346,183		8,789,311
Liabilities classified as held for sale	-	-		-	-
								12,344,481	10,681,936		10,346,183	8,789,311
Share capital and share premium	251,811	251,811		251,811	251,811
Additional Tier 1 Capital	206,355	206,355		206,355	206,355
Retained earnings	477,011	397,273		292,641	304,778
Other components of equity	82,324		171,113		118,075		108,506
Total equity attributable to owners
1,017,502		1,026,552		868,883		871,450
of the Bank
Non controlling interest	18,583		23,477		-		-
Total equity
1,036,086		1,050,029		868,883		871,450
Total liabilities and equity	13,380,567		11,731,964		11,215,066		9,660,761

To the members of Access Bank Plc

DATED THIS DAY 28TH OCTOBER 2022

BY ORDER OF THE BOARD

SUNDAY EKWOCHI

COMPANY SECRETARY

FRC/2013/NBA/00000005528

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the period ended 30 September 2022

In millions of Naira	GROUP			*RESTATED	BANK				BANK
SEPTEMBER			GROUP	SEPTEMBER				SEPTEMBER
	2022			SEPTEMBER	2022	2021
		2021
Interest income calculated using effective
interest rate	497,230	395,137		372,274	305,090
Interest income on financial assets at FVTPL	74,508	75,726		61,637	64,475
Interest expense	291,449		(203,185)		247,967			(174,818)
Net interest income	280,288	267,678		185,944	194,747
Net impairment charge on financial assets	(52,953)		(38,922)		(48,504)			(33,345)
Net interest income after impairment charges	227,335		228,756		137,440			161,401
Fee and commission income	133,237	113,562		98,669	89,892
Fee and commission expense	(38,311)		(24,842)		(33,538)			(23,009)
Net fee and commission income	94,926		88,719		65,131			66,883
Net gain/ (loss) on financial instruments	78,434	(1,780)		77,234	(6,094)
at fair value
Net foreign exchange gain/ (loss)	105,691	86,806		91,984	78,082
Net gain/ (loss)on fair value hedge (Hedging	-	(1,117)		-	(1,117)
ineffectiveness)
Other operating income	16,514	21,824		20,635	16,020
Bargain purchase from Acquisition	-	2,640		-	-
Personnel expenses	(88,640)	(71,736)		(56,804)	(46,474)
Depreciation	(22,452)	(21,384)		(17,427)	(16,871)
Amortization and impairment	(10,272)	(8,967)		(7,573)	(7,555)
Other operating expenses	(252,971)	(188,816)		(216,673)	(165,187)
Share of profit of investment in Associate	118		8		-			-
Profit before tax	148,683	134,955		93,947	79,087
Income tax	(10,289)	(13,181)		(1,284)	(5,942)
Profit for the period for continuing operations	138,394	121,773		92,663	73,145
Discontinued operations
Gain from Discontinued operations	148	120		-	-
Profit for the period
138,542	121,893		92,663	73,145
Other comprehensive income
(OCI) net of income tax:
Items that will not be subsequently reclassified
to income statement
Actuarial (loss) on retirement benefit obligations	(1,276)	-		(1,276)	-
Items that may be subsequently reclassified
to income statement
- Unrealised foreign currency translation
difference	(42,650)	17,899		-	-
- Changes in fair value of FVOCI financial
instruments	(60,371)	(62,054)		(55,753)	(69,691)
- Changes in allowance on FVOCI financial	396	(11)		422	(138)
instruments
Other comprehensive (loss)/gain
net of related tax effects:	(103,901)		(44,166)		(56,607)			(69,829)
Total comprehensive income for the period	34,493	77,608		36,057	3,316
Profit attributable to:
Owners of the Bank	135,655	119,891		92,663	73,145
Non-controlling interest	2,739		1,882		-		-
Profit for the period	138,394	121,773		92,663	73,145
Total comprehensive income/(loss)
attributable to:
Owners of the Bank	39,387	67,550		36,057	3,316
Non-controlling interest	(4,894)	10,058		-	-
Total comprehensive income for the period
34,493	77,608		36,057	3,316
Earnings per share attributable to
ordinary shareholder
Basic (kobo)	392	345		261	206
Diluted (kobo)	382	337		261	206
	GROUP			GROUP	BANK				BANK
	SEPTEMBER			DECEMBER	SEPTEMBER				DECEMBER
	2022	2021		2022	2021
Total impaired loans & advances
185,790	181,660		80,364	73,411
Total impaired loans & advances to
gross risk assets (%)	3.68%	4.00%		1.98%	2.03%

An electronic copy of this publication can be obtained at https://www.accessbankplc.com/pages/Investor-Relations/

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