Business News of Tuesday, 16 April 2013
Source: Graphic Business
ACCESS Bank (Ghana) Limited is confident it will rank among the first three banks in terms of financial performance in the country in the next five years. The bank is hoping that the acquisition of Intercontinental Bank will push it in that direction.
The Board Chairman of Access Bank Ghana, Mr Herbert Wigwe, said at the bank’s annual general meeting in Accra that its strength and resilience were tested by the post-merger and regulatory trials of the period. Notwithstanding the challenges, Mr Wigwe said the bank continued to post a strong financial performance which was consistent with results of the past four years.
The bank’s pre-tax profit increased by 261 per cent, rising from GH¢12.87 million in 2011 to GH¢ 46.43 million in 2012. Gross earnings also rose by 347 per cent to GH¢ 168.40 million, according to its 2012 financials. In 2011, the bank’s gross earnings were GH¢37.70 million.
The results also showed that the bank’s return on assets ratio stood at 5.8 per cent, compared to the industry average of four per cent. The Managing Director, Mr Dolapo Ogundimu, said at the AGM that Access Bank would strengthen its retail business with new investments in technology and innovative banking solutions.
He said the bank would also increase its national footprint by expanding its branch network and automated channels. This year will see the bank adding four more branches to the existing ones, Mr Ogundimu said.
Mr Dela Selormey, an accomplished banker and immediate past Head of the Banking Supervision Department of the Bank of Ghana, was introduced to the shareholders as a new director of the bank.