Yomi Akapo – Managing Director of Access Bank Ghana
Access Bank Ghana Limited, one of the most capitalized banks in the country, has reported strong growth in key performance indices for the 2010 financial year.
The bank, which intends to add oil and gas business to its operations this year, recorded GH¢8.5 million as profit after tax during the year under review, representing 911 per cent over the previous year’s figure.
Its total assets, shareholders’ fund and customer deposits also hit GH¢198 million, GH¢87 million and GH¢91.8 million respectively.
Access Bank Ghana, with a capital adequacy ratio of 133 per cent further saw its loans advances hitting GH¢18 million, representing 41 per cent over the previous year’s figure.
The Country Managing Director of the bank, Yomi Akapo told the media in Accra last Friday that “it is with great pleasure that Access Bank reports phenomenal growth in its profitability and performance ratios in its second year of operations.”
After posting profit in its first year of operation (six months) in 2009, our bank has maintained its strategy of balance sheet expansion and healthy lending culture, he stated.
Mr Akapo said his outfit over the years continued to deploy value chain strategy and one-bank customer proposition to expand its market share of high quality assets and low cost deposits.
“This has paid off considerably, contributing significantly to shaping our business in Ghana and supporting the overall Group strategy of ranking among the top three financial services group in Africa.”
He said plans are far advanced to open new branches in Takoradi, Kumasi and Accra and also reduce the non-performing loan ratio of from 18 per cent to single digit by the end of the year.
Access Bank Ghana is a subsidiary of Access Bank Plc, an emerging global financial services group in Africa, which was incorporated in 1989.
Driven by the intent to become a major catalyst for growth and development on the African continent, Access Bank commenced a structured expansion strategy in 2006.
The bank has presence in Burundi, Cote d’Ivoire, D.R. Congo, Gambia, Ghana, Rwanda, Sierra Leone, The Gambia and Zambia as well as a fully owned subsidiary in the United Kingdom.
Access Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory over the last 10 years, ranking among the top 10 banks in Africa in terms of shareholders fund, which is in excess of $ 1.137 billion.
The bank recently signed a Memorandum of Understanding (MoU) to merge its operations with Intercontinental Bank Plc in Nigeria to create one of the largest financial services entity in Africa.
By Felix Dela Klutse
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Access Bank Records Strong Growth