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Access Bank poised to achieve target

BY: Business Desk Report
Olamide Olatunji (2nd from right), flanked by Pearl Nkrumah (right), Executive Director for Retail and Digital Banking; Michael Gyabaah (2nd from left), Chief Finance Officer. On the left is James Bruce, Executive Director, Wholesale Banking, during the virtual appearance at the Facts Behind the Figures session
Olamide Olatunji (2nd from right), flanked by Pearl Nkrumah (right), Executive Director for Retail and Digital Banking; Michael Gyabaah (2nd from left), Chief Finance Officer. On the left is James Bruce, Executive Director, Wholesale Banking, during the virtual appearance at the Facts Behind the Figures session

The Managing Director of Access Bank Ghana Plc, Olumide Olatunji, is optimistic about another positive outlook for the bank this year.

He said with a targeted focus on strategic expansion and growth, the bank was poised to undertake deliberate and disciplined measures to attain its objective for the year.

“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,” he said in a release issued by the bank after the management made an appearance at the Ghana Stock Exchange (GSE) platform dubbed: “Facts Behind The Figures”, which was held virtually.

The platform offers an opportunity for listed companies to present their performance to key stakeholders including investors and shareholders while receiving feedback from them.

Mr Olatunji said; “The bank will continue to invest in tailor-made products to meet the needs of customers by offering best-in-class user experiences in retail and consumer banking services. All these are aimed at enhancing customer satisfaction and returning value to customers.”

The bank recorded a strong growth trajectory across key indicators in the financial year ended 2021.

Profit before tax

Profit before tax grew from GH¢355 million in 2020 to GH¢501 million in 2021.

This represents a 41 per cent growth, while total operating income grew from GH¢567 million in 2020 to GH¢728 million in 2021, which was a 28 per cent increase.

Mr Olatunji, the release noted, was excited about the confidence reposed in the bank by its customers, evidenced by the bank’s significant growth recorded across key performance metrics.

He consequently commended the efforts made by all stakeholders for their contribution towards 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 fees and commission income from GH¢69 million to GH¢87 million.

Mr Olatunji said Access Bank is committed to becoming a bank of choice in Ghana, as part of its retail banking growth and wholesale banking consolidation aspiration.

He touched on the bank’s commitment to international trade and payments saying, “Under our universal gateway strategy, we are optimising 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 is safe with a strong strategy, as well as a committed team to deliver value to customers and shareholders.

According to the release, the Executive Director for Retail and Digital Banking, Pearl Nkrumah, also assured customers of the bank’s steadfastness in pursuing digital-led solutions by enabling clients to transact business with the bank 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 offers a package known as AccessCLOSA, which brings banking even closer to customers by using agents in our neighbourhood,” Ms Nkrumah added.

The Deputy Managing Director of the Ghana Stock Exchange, Abena Amoah, in the release, said 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 Ghana Stock Exchange.