Access Bank Ghana Records Impressive Growth in Income, Assets

Access Bank Ghana Records Impressive Growth in Income, Assets

Access Bank Ghana has recorded a strong growth across key business areas.

Results from its 16th Annual General Meeting (AGM), held at the weekend in Accra, show significant growth in income and assets.

The Board Chairperson of the bank, Ms. Ama Bawuah, while presenting the financial statements, said the company trudged through a challenging macroeconomic environment to record growth.

The bank’s total assets increased by 22.3%, rising from GHS 10.057 billion to GHS 12.30 billion. Operating income also saw a substantial growth of 40%, increasing from GHS 1.150 billion to GHS 1.613 billion. The bank’s loans and advances rose by 42.81%.

Ms. Bawuah commented, “In 2023, Ghana’s economy was characterized by macroeconomic instability, escalating inflation, and dwindling investor confidence stemming from both domestic imbalances and external pressures.

Against the backdrop of global and national economic uncertainties, I am pleased to share that your bank successfully applied valuable insights and industry best practices to achieve substantial growth across key areas in the past year.”

She further added, “These achievements underscore our steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming our pledge to serve you with excellence and integrity.”

Access Bank also demonstrated its commitment to expansion, innovation, and customer convenience through the implementation of several digital products and services. This included the introduction of a virtual relationship management (VRM) tool to enhance customer service support. Additionally, the bank established priority desks to cater to specific demographics, facilitating smooth business operations in those areas. These included the Chinese, German, Lebanese, French, and Turkish desks.

Olumide Olatunji, Managing Director of Access Bank Ghana Plc, reiterated the bank’s resilience and stability. “Despite the prevailing uncertainties, Access Bank maintained robust performance across key financial metrics, a testament to our prudent financial management and unwavering dedication to our mission. We observed substantial growth in deposits, surging from GHS 7.399 billion to GHS 9.130 billion, marking a notable 23% increase.”

He highlighted the bank’s remarkable turnaround in tax remittances to the government, reversing from a negative contribution of GHS 102 million to an impressive increase of 509%, resulting in GHS 419 million. This underscores the bank’s commitment to fiscal responsibility and sustained growth. Concurrently, shareholders’ funds experienced significant growth, rising from GHS 1.014 billion to GHS 1.403 billion, attributed to transformative strategies in business management practices.

Olatunji expressed gratitude to shareholders for their support and emphasized the bank’s commitment to excellence and customer satisfaction. “We are proud of our achievements and recognize the trust our customers and shareholders have placed in us. We will continue to innovate, expand our reach, and support Ghana’s economic growth,” he noted.

Mr. Sampson Ashong, the General Secretary of the shareholders, praised the bank’s performance and initiatives, citing its resilience and growth potential. “I am thoroughly impressed with the bank’s commitment to sustainability initiatives and employee capacity building. The dedication to creating a positive impact on the environment and society, while investing in the growth and development of their staff, is truly commendable. This is evidence that Access Bank is not just focused on financial returns, but also on making a positive difference in the world,” he said.

Shareholders approved all resolutions on the agenda, which included the re-election of board members and one retirement.

The AGM was a celebration of the bank’s dedication to its stakeholders and its contribution to Ghana’s financial landscape. As Access Bank Ghana continues to grow and expand its operations, it remains committed to promoting financial inclusion and supporting the country’s economic development.