Access Bank records growth across key indicators in 2021

Access Bank Ghana Plc recorded a strong-growth trajectory across key indicators in the financial 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 grew from GH¢567 million in 2020 to GH¢ 728 million in 2021, recording a 28 per cent increase.

Speaking at the bank’s turn of the annual “Facts behind the Figures” session, held virtually in collaboration with the Ghana Stock Exchange (GSE),  the Managing Director of Access Bank Ghana Plc, Olumide Olatunji , said he was excited about the confidence reposed in the bank by its customers, evidenced by the bank’s significant growth recorded across key performance metrics.

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“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 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.

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 optimising 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 and wholesale banking consolidation aspiration.

He assured stakeholders that the bank is safe, strategy is strong with a committed team to deliver value to customers and shareholders.

The Executive Director for Retail and Digital Banking, Pearl Nkrumah, assured customers of the bank’s steadfastness in pursuing digital-led solutions by enabling 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 neighbourhood,” Ms Nkrumah noted.

The Deputy Managing Director of GSE, Abena Amoah, revealed that Access Bank posted the highest dividend yield with 34.62 per cent and the lowest price to earnings.

She commended Access Bank for listing on the GSE.

BY TIMES REPORTER

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