Access Bank Reports N1.69 Billion Fraud Loss, Achieves 88% Surge in Gross Earnings

This post has already been read at least 111010 times!

Access Bank Plc has disclosed a loss of N1.69 billion to fraud in its financial report for the year ended December 31, 2024, even as it recorded a strong financial performance with an 88% growth in gross earnings.

The bank’s 2024 full-year report, released on Wednesday, revealed a reduction in fraud-related losses compared to N6.15 billion recorded in 2023, highlighting improved internal control measures despite a rise in the number of successful incidents.

The report also noted a significant decrease in failed fraud attempts, indicating a firmer grip on operational risk management.

However, Access Bank faced regulatory challenges during the period, paying approximately N1.2 billion in fines for various infractions, including breaches in anti-money laundering (AML) regulations and failure to report cyber incidents timely.

These regulatory setbacks, particularly the N69 million penalty tied to cyber reporting violations, hint at potential links to the financial fraud losses reported.

Despite these hurdles, the Group delivered a robust financial performance, with gross earnings surging from N2.594 trillion in 2023 to N4.878 trillion in 2024.

This impressive growth was underpinned by a 110% rise in interest income to N3.480 trillion and a 47.8% increase in non-interest income to N1.397 trillion.

Access Bank attributed this performance to the strength of its retail banking operations, aggressive digital expansion, and dynamic trading strategies.

The financial institution’s resilience in navigating operational challenges while achieving remarkable earnings growth underscores its strategic positioning in Nigeria’s banking sector as it moves forward into 2025.

StreetReporters.ng

This post has already been read at least 111010 times!