Access Bank's FY 2021 AUDITED numbers showed a 23.0% y/y growth in Interest Income. Q/q, Interest Income declined 13.5%. The Q/q decline was due to a significant decline in Interest Income on investment securities. Average yield on the bank's assets moderated to 8.6% in FY 2021, from 9.7% in FY 2020. Net Loans were up 29.3% y/y. Interest Expense, on the other hand, was up 32.7% y/y and 16.2% q/q as cost of funds increased gradually through the year. Overall, Net Interest Income was up 14.6% y/y but declined 50.1% in Q4 compared with Q3. Customer Deposits were up 24.5% in December 2021 compared with December 2020. Overall, Net Interest Margins (NIM) declined to 4.3% in FY 2021 from 4.9% in FY 2020.

Net Fee and Commission was up 26.7% y/y but declined marginally q/q. All the Fee and Commission Income lines showed y/y growth with the major drivers being Credit related fees and commissions (up 33.1% y/y), E-business Income (up 18.2% y/y), Commission on other financial services (up 102.9% y/y) and channels and e-business income (up 19.2% y/y), commission on collections (up 511.8%).