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

Access Bank Plc Unaudited Consolidated and separate financial statements for the period ended 30 September 2022

Access Bank Plc

Index to the consolidated and separate financial statements

For the period ended 30 September 2022

		Page
i	Corporate information	3
ii	Consolidated and separate statement of comprehensive income	49
iii	Consolidated and separate statement of financial position	50
iv	Consolidated and separate statement of changes in equity	51
v	Consolidated and separate statement of cashflows	53
vi	Notes to the financial statements	54
vii	Discontinued operattions	238
viii	Restatement for prior year	240
ix	Five-year financial summary	244

Access Bank Plc Unaudited Consolidated and separate financial statements for the period ended 30 September 2022

Corporate information

This is the list of Directors who served in the entity during the period and up to the date of this report

Directors
Dr. (Mrs.) Ajoritsedere Josephine Awosika, MFR, mni	Chairman/Non-Executive Director
*Mr. Roosevelt Michael Ogbonna,FCA,CFA	Managing Director/Chief Executive Officer
**Mr. Victor Okenyenbunor Etuokwu, HCIB	Deputy Managing Director
***Mrs. Chizoma Joy Okoli, HCIB	Deputy Managing Director
Mr. Paul Usoro, SAN	Non-Executive Director
Mr. Adeniyi Adedokun Adekoya	Independent Non-Executive Director
Mr. Iboroma Tamunoemi Akpana	Independent Non-Executive Director
Mrs. Ifeyinwa Yvonne Osime	Independent Non-Executive Director
Dr. Okey Vitalis Nwuke,FCA	Non-Executive Director
Mr. Hassan Tanimu Musa Usman,FCA	Independent Non-Executive Director
Mrs. Omosalewa Temidayo Fajobi	Non-Executive Director
****Mrs. Titilayo Grace Osuntoki	Non-Executive Director
*****Mr. Herbert Onyewumbu Wigwe, FCA	Non-Executive Director
Dr. Gregory Ovie Jobome, HCIB	Executive Director
Ms. Hadiza Ambursa	Executive Director
Mr. Oluseyi Kolawole Kumapayi, FCA	Executive Director
******Mrs. Anthonia Olufeyikemi Ogunmefun	Non-Executive Director
*******Mr. Adeolu Bajomo	Executive Director

*Appointed effective May 1, 2022

• Appointed effective May 1, 2022
• Appointed effective May 1, 2022
• Appointed effective April 13, 2022
  *****Appointed effective May 1, 2022
  ****** Retired effective April 30, 2022
  ******* Resigned effective September 30, 2022

Company Secretary

Mr Sunday Ekwochi

Corporate Head Office

Access Bank Plc

Plot 14/15, Prince Alaba Oniru Street, Oniru Estate, Victoria Island, Lagos

Victoria Island, Lagos.

Telephone: [phone] - 9 [phone]

Email: [e-mail]

Website: www.accessbankplc.com

Company Registration Number: RC125 384

FRC Number: FRC/2012/0000000000271

Independent Auditors

PricewaterhouseCoopers

Landmark Towers, 5b Water Corporation way, Oniru

Victoria Island, Lagos

Telephone: [phone]

Website: www.pwc.com/ng

FRC Number: FRC/2013/ICAN/00000000639

Corporate Governance Consultant

Ernst & Young

10th Floor UBA House

57, Marina, Lagos

Telephone: [phone]

FRC Number: FRC/2012/ICAN00000000187

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Access Bank Plc Unaudited Consolidated and separate financial statements for the period ended 30 September 2022

Actuaries

Alexander Forbes Consulting Actuaries Nig. Ltd

Rio Plaza, 2nd Floor , Plot 235, Muri Okunola Street

Victoria Island, Lagos

Telephone: [phone]

FRC Number: FRC/2012/ICAN/0000000000504

Registrars

Coronation Registrars Limited

9, Amodu Ojikutu Street, Off Saka Tinubu

Victoria Island, Lagos

Telephone: [phone]

Investor Relations

Access Bank Plc has a dedicated investors' portal on its corporate website which can be accessed via this link https://www.accessbankplc.com/pages/investor-relations.aspx

For further information please contact:

Access Bank Plc.
[phone]
Investor Relations Team	[e-mail]

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Access Bank Plc Unaudited Consolidated and separate financial statements for the period ended 30 September 2022

Consolidated and separate statement of comprehensive income
					*Restated
In millions of Naira			Group		Group		Bank		Bank
	Notes	September 2022	September 2021 eptember 2022 September 2021
Interest income calculated using effective interest rate	8		497,230	395,137	372,274	305,090
Interest income on financial assets at FVTPL	8		74,508	75,726	61,637	64,475
Interest expense	8		(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	9		(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	10 (a)	133,237	113,562	98,669	89,892
Fee and commission expense	10 (b)		(38,311)		(24,842)		(33,538)		(23,009)
Net fee and commission income			94,926		88,719		65,131		66,883
Net gains/(loss) on financial instruments at fair value	11a,b	78,434	(1,780)	77,234	(6,094)
Net foreign exchange gains/(loss)	12 a	105,691	86,806	91,984	78,082
Net gain/(loss) on fair value hedge (Hedging ineffectiveness)	12 b	-	(1,117)	-	(1,117)
Other operating income	13		16,514	21,824	20,635	16,020
Bargain purchase from Acquisition	44		-	2,640	-	-
Personnel expenses	14		(88,640)	(71,736)	(56,804)	(46,474)
Depreciation	28		(22,452)	(21,384)	(17,427)	(16,871)
Amortization and impairment	29		(10,272)	(8,967)	(7,573)	(7,555)
Other operating expenses	15		(252,971)	(188,816)	(216,673)	(165,187)
Share of profit of investment in Associate	27 (a)		118		8		-		-
Profit before tax			148,683	134,955	93,947	79,087
Income tax	16		(10,289)		(13,181)		(1,284)		(5,942)
Profit for the period from 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 loss (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 the income statement:
Unrealised foreign currency translation difference			(42,650)	17,899	-	-
Changes in fair value of FVOCI debt financial instruments			(60,371)	(62,054)	(55,753)	(69,691)
Changes in allowance on FVOCI debt financial instruments			396		(11)		422		(138)
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	38		2,739		1,882		-		-
Profit for the period			138,394	121,773	92,663	73,145
Total comprehensive income attributable to:
Owners of the bank			39,387	67,550	36,057	3,316
Non-controlling interest	38		(4,894)		10,058		-		-
Total comprehensive income for the period			34,493	77,608	36,057	3,316
Earnings per share attributable to ordinary shareholders
Basic (kobo)	17		392	345	261	206
Diluted (kobo)	17		382	337	261	206

The notes are an integral part of these consolidated financial statements. * See Note 46 b - Restatement of prior period financial information

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