Access Bank's profit soars

Access Bank Ghana, recently adjudged Bank of the Year, 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 6 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% from È»71.8 million in 2013 to È»123 million in 2014, while Gross Earnings increased by 66%  from È»187.1million to È»311.4million, underscoring the Bank's increased earning capacity.

Industry watchers say 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%, which is 1% above the industry average of about 6%.

This performance leaves the Bank in a strong position to pursue attractive business opportunities in 2015 and beyond.

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”, he added.

On the Banks 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”.

Other highlights of the Bank's financial performance in 2014 include:

Total Assets:                           È»1.72 billion (+73%)

Customer deposits:                È»1.2 billion (+ 65%)

Liquidity ratio:                                    60%

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 reinforces its commitment to offering quality banking services, protecting and securing customer information and ensuring that the Banks operations are not interrupted in case of any eventuality.

Officials say that the Data Recovery has strengthened the Bank's robust technology infrastructure and will facilitate its attainment of certification that is based on international best practice.