Access Bank’s profit shoots up

ACCESS BANK PIXACCESS Bank Ghana has recorded another year of strong and impressive performance across key financial indicators in its 2014 performance.

The bank’s growth trajectory over the past six years has been consistent and continues to reflect its commitment to delivering banking services that are sustainable and relevant to the local market.

The financial statement audited by PricewaterhouseCoopers (PwC) and approved by the Bank of Ghana, saw the bank’s Profit Before Tax (PBT) soar by 72 per cent from GH¢71.8 million in 2013 to GH¢123 million in 2014, while gross earnings increased by 66 per cent from GH¢187.1million to GH¢311.4 million, underscoring the bank’s increased earning capacity.

Industry watchers said the bank’s performance is striking, given the economic conditions and tight fiscal policies in 2014.

Similarly, Access Bank’s Pre-Tax Return on Assets (ROA) ratio also remained one of the industry’s highest, standing at 7 per cent, which is 1 per cent above the industry average of about 6 per cent.

Commenting on the bank’s 2014 performance, the Managing Director, Mr. Dolapo Ogundimu said, “Our ability to effectively identify, assess, monitor and manage the various risks involved in our operations has been critical to our sound financial standing and profitability. That our ratios continue to be one of the strongest in the Ghanaian banking industry, is a testament of our understanding of the operating environment and our commitment to best practices.”

On the bank’s strategy for 2015 and beyond, Mr. Ogundimu stated:

“We are making significant strides in gaining market share and becoming a key player as the bank deploys various services for targeted segments including retail markets for women, children, the youth and pensioners.”

In a related development, Access bank has commissioned an ultra modern data recovery site to improve its business continuity programme towards sustainable banking.

The investments made by the bank it said reinforced its commitment to offering quality banking services, protecting and securing customer information and ensuring that the bank’s operations are not interrupted in case of any eventuality.

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