Access Bank South Africa, Kenya and Mozambique all subsidiaries of Nigeria based Access Holdings made losses for the third quarter (Q3) period to September, 2023, up from only 2 (South Africa and Guinea) bank subsidiaries a year ago.

Access Holdings, which has been expanding its banking services across the African continent at a breakneck pace, saw three (3) is dealing with increased operating expenses for the African subsidiaries.

Access Bank South Africa had the biggest loss of N3.618 billion, followed by Access Bank Kenya with N261 million and Access Bank Mozambique with N7 million, data from the financials seen by MoneyCentral shows.

The reported losses were largely due to huge operating expenses which swallowed up most of the operating income.

Operating expenses for South Africa rose by 8.5% to N10.09 billion on a year-on-year basis.

The South African bank subsidiary is the 8-th largest for Access holdings with N233.8 billion in assets.

https://moneycentral.com.ng/exclusive/article/access-bank-south-africa-kenya-mozambique-report-loss-in-q3/

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