Nigeria’s biggest lender, Access Holdings, reached a new revenue milestone in its thirty-fifth year last year, with gross earnings only a breath away from the N5 trillion mark.
Bottom line was, however, only 3.7 per cent up, even though revenue surged by as much as 88 per cent.
The financial services group was able to turn just 13.2 per cent of gross earnings into profit as cost-to income ratio surged, crowding out net profit margin, its latest audited accounts show.
That was a…
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