Nigeria’s biggest lender Access Holdings posted its biggest revenue on record in 2022 after a sharp boost from interest on loans.
But after-tax profit still slowed even when turnover increased by as much as 42.8 per cent or N416 billion, according to its audited financials released on Thursday.
The financial services group saw interest earned from giving credit to borrowers surge by almost half to N770 billion but the bigger slice of that was devoured by interest expense, the cash it paid customers in exchange for keeping their deposits.
