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¢355million in 2020 to GH¢501million in 2021, recording a 41 percent growth while total operating income grew from GH¢567million in 2020 to GH¢728million in 2021, recording a 28 percent increase.
These were revealed at the annual ‘Facts Behind the Figures’ session, held virtually in collaboration with the Ghana Stock Exchange. The platform offers an opportunity for listed companies to present their performance to key stakeholders, including investors and shareholders, while receiving feedback from those stakeholders.
Speaking at the event, Managing Director of Access Bank Ghana Plc, Olumide Olatunji, was excited about the confidence reposed in the bank by its customers, evidenced by its significant growth recorded across key performance metrics, and commended the efforts made by all stakeholders in achieving the feat.
“The 28 percent 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 percent in 2020 to 4.76 percent in 2021.” He said due to efficient Treasury activities, the bank recorded a 101 percent increase in net trading income from GH¢151 million to GH¢305 million; as well as a 26 percent year-on-year increase in fee and commission income, from GH¢69million to GH¢87million.
Olumide noted that the bank had a deliberate and disciplined outlook for 2022, with a targetted 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 investing 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.
Olumide also hinted among other things that Access Bank is committed to becoming a bank of choice in Ghana, as part of its retail banking growth & wholesale banking consolidation aspiration. He touched on the bank’s commitment to international trade and payments: “Under our universal gateway strategy, we are optimising payments, remittances, transfers, trade, cross-border and electronic banking to serve our customers and achieve our strategic vision of being the preferred bank in international trade transactions within the African continent and beyond,” he said.
He assured stakeholders that the bank is safe and strategy is strong, with a committed team to deliver value for customers and shareholders.
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. “The 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 neighborhoods,” Pearl noted.
Sharing her remarks at the event, the Deputy Managing Director of the Ghana Stock Exchange, Abena Amoah, revealed that Access Bank posted the highest dividend yield with 34.62 percent and the lowest price to earnings. She commended Access Bank for listing on the Ghana Stock Exchange.
The bank’s performance was recognised in various awards in 2021: including the Most Innovative Retail Banking Brand and Best CSR Bank by the Global Brands Awards; The Best Bank in Customer Service and Best Retail Bank by the World Economic Magazine among others.