This post has already been read 2265 times!

Access Bank Plc has reported a significant N1.69 billion loss due to fraud in 2024, even as it achieved a remarkable 88% increase in gross earnings, reaching N4.878 trillion.

This financial performance underscores the bank’s robust growth trajectory, despite challenges in operational risk management.

The bank’s 2024 financial report, released on April 16, 2025, revealed a reduction in fraud-related losses from N6.15 billion in 2023 to N1.69 billion in 2024.

This decline indicates improved internal controls and risk mitigation strategies, even though the number of successful fraud incidents rose to 11,410 cases involving N3.5 billion, compared to 6,634 cases involving N8.61 billion in the previous year.

In addition to fraud losses, Access Bank faced regulatory penalties totaling approximately N1.2 billion in 2024. These fines were imposed by bodies including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for various infractions, such as non-compliance with anti-money laundering regulations and failure to report cyber incidents promptly.

Despite these setbacks, Access Bank’s financial performance was bolstered by a 110% increase in interest income to N3.480 trillion and a 47.8% rise in non-interest income to N1.397 trillion. These gains were driven by the bank’s diversified income streams, robust retail banking activities, digital expansion, and dynamic trading strategies.

The bank’s total assets surged to N41.1 trillion, up by 54% year-to-date, while shareholders’ equity grew by 51% to N3.3 trillion. Customer deposits increased by 45.4%, rising from N15.3 trillion in December 2023 to N22.3 trillion by Q3 2024, and gross loans and advances grew by 56.2%, reaching N13.9 trillion.

Access Bank’s subsidiaries in the UK and across Africa contributed significantly to the group’s profit before tax, delivering 54.8% of the Banking Group’s profit before tax, an increase of 185.8% year-on-year.

The bank remains committed to expanding its footprint by offering tailored banking solutions in each region, enhancing customer experience, and advancing cross-border banking capabilities.

As Access Bank navigates the complexities of operational risks and regulatory compliance, its strong financial performance in 2024 positions it favorably for sustained growth and resilience in the Nigerian banking sector.

ABUJA BUSINESS REPORTS NEWSPAPER & MAGAZINE