Absa Bank Ghana posted an impressive financial performance in 2021, recording an increase in revenues by 17 per cent.
Also the bank saw a 35 per cent reduction in impairments by the year under review.
A statement issued by the Absa Bank Ghana said the performance “comes on the back of a return to normal activity by the Ghanaian economy after a challenging 2020 due to the COVID-19 pandemic. “
It said profit before tax and return on equity grew by 55 per cent and 6.6 per cent respectively year on year, reflecting prudent cost and capital management.
Absa Bank Ghana said profits before tax (PBT) increased by 55 Year-on-Year to GH¢1.1 billion with revenues jumping by 17 per cent to GH¢1.6 billion, driven by capital retention, strong liability growth and good growth in loans and advances.
The statement said customer assets grew by seven per cent to GH¢4.8 billion, while customer deposits rose by 22 per cent to GH¢ 7.9 billion.
It said the performance of the bank was further supported by an active adoption of digital channels by the bank’s dynamic base of clients and customers.
The Bank said the emerging recovery of the Ghanaian economy in 2021, from a difficult position the previous year, was also a key factor in the improvement in revenues.
“The results demonstrate a concerted effort by Absa Bank to grow and maintain an efficient and resilient organisation, support its customers and clients while investing in relevant parts of the business to ensure sustainable growth,” the statement said.
Absa Bank Ghana said the difficulties created by the COVID-19 pandemic abated in 2021 following improved levels of economic activity across key sectors.
“Absa Bank’s active participation in the improvement of the Ghanaian economy through its transactional banking segments supported this performance,” the statement said.
Commenting on the performance of the bank, the Managing Director, AbenaOsei-Poku, said: “The results reflect a return to medium term growth driven by the recovery of the Ghanaian economy in 2021 from a challenging position in 2020 due to the COVID-19 pandemic.
“I am excited by what we have achieved as a business in supporting the key growth sectors of the Ghanaian economy, empowering individuals, and businesses to bring their possibilities to life. I am grateful to the Board, Management team and colleagues, who are always willing to go above and beyond to ensure success for this business. We remain focused on adopting dynamic and modern digital and data-driven solutions to make the lives of our customers and clients easy and convenient. We shall also continue investing in our communities and promoting the sustainability of the environment in which we operate,” she said.
BY TIMES REPORTER