Access Bank records growth across key indicators
Access Bank Ghana Plc has recorded a robust growth trajectory across key indicators in the fiscal year ended 2021.
Profit before tax grew from GH¢355 million in 2020 to GH¢501 million in 2021, recording a 41 per cent growth while total operating income rose from GH¢567 million in 2020 to GH¢728 million in 2021, recording a 28 per cent increase.
These were revealed at the annual “Facts Behind The Figures” session, held virtually in collaboration with the Ghana Stock Exchange.
The platform offers an opportunity for listed companies to present their performance to key stakeholders including investors and shareholders, while receiving feedback from those stakeholders.
Mr Olumide Olatunji, Managing Director of Access Bank Ghana Plc expressed excitement about the confidence reposed in the Bank by its customers, which was evident by the Bank’s significant growth recorded across key performance metrics.
He commended the efforts made by all stakeholders to achieving the feat.
“The 28 per cent growth in Gross earnings is mainly due to increase in interest income from increased yields on the back of reduced cost of funds from 5.87 per cent in 2020 to 4.76 per cent in 2021,” he said.
He said due to efficient treasury activities, the Bank recorded a 101 per cent increase in net trading income, from GH₵151 million to GH₵305 million as well as a 26 per cent year-on-year increase in fee and commission income from GH₵69 million to GH₵87 million.
Mr Olumide noted that the Bank had a deliberate and disciplined outlook for 2022, with a targeted focus on strategic expansion and growth.
The Bank is focused on optimizing operational efficiency to ensure it is well-positioned to withstand any shocks in an increasingly volatile operating environment as the world continues to learn to live with Covid-19 and rising inflationary pressures.
“The Bank will continue to invest in tailored products to meet the needs of customers by offering best-in-class user experience in retail and consumer banking services. All these are aimed at enhancing customer satisfaction and returning value to customers,” he added.
Mr Olumide said that Access Bank was committed to becoming a bank of choice in Ghana, as part of its retail banking growth & wholesale banking consolidation aspiration.
Touching on the Bank’s commitment to international trade and payments, he said “Under our universal gateway strategy, we are optimizing payments, remittances, transfers, trade, cross-border, and electronic banking to serve our customers to achieve our strategic vision of being the preferred bank in international trade transactions within the African continent and beyond.”
He assured stakeholders that the Bank was safe and that its strategy was strong with a team committed to delivering value to customers and shareholders.
Madam Pearl Nkrumah, the Executive Director for Retail and Digital Banking assured customers of the Bank’s steadfastness in pursuing digital-led solutions to enable clients to transact online.
“E-levy is not going to halt our plans as a Bank. We have digital products and technology that are user friendly and provide solutions for customers. We have commenced our Agency banking offering, packaged as AccessCLOSA which brings banking even closer to customers by using agents in our neighborhood,” she noted.
Madam Abena Amoah, the Deputy Managing Director of the Ghana Stock Exchange revealed that Access Bank posted the highest dividend yield with 34.62 per cent and the lowest price to earnings.
She commended management of the Bank for listing on the Ghana Stock Exchange.
The Bank’s performance was recognized in various awards in 2021 including the Most Innovative Retail Banking Brand and Best CSR Bank by the Global Brands Awards, The Best Bank in Customer Service and Best Retail Bank by the World Economic Magazine, among others.
Source: GNA