Access Bank Ghana has released results of its financial performance for the 2015 financial year, showing signs of strong growth despite challenges in the economy.
The bank’s strong performance trumps the general industry outlook for 2015 which according to the Bank of Ghana’s Financial Stability report recorded a negative growth of 5.4%.
Unlike in previous years where the Bank’s profits soared year-on-year, Access Bank’s Profit Before Tax in 2015 remained at Ghs123 million, matching the same figure recorded in 2014.
In spite of this occurrence, the bank’s results continue to show a positive and sustainable growth trajectory over the past seven years across its operations. Highlights of the 2015 financial performance include;
• An increase in the Bank’s Total Assets by 41% from Ghs 1.7 billion in 2014 to Ghs 2.42 billion in 2015, which underscores its improved lending capacity to critical sectors of the economy.
• Significant growth in Total Deposits, increasing by 44% to Ghs 1.726 billion in 2015 from Ghs1.2 billion in 2014.
• Increased earning Capacity as Gross Earnings increased by 35% from Ghs 312 million in 2014 to Ghs 421 million in 2015.
• Reduction in the Non-Performing Loans ratio from 8.6% in 2014 to 5.4% in 2015.
Analysing the key performance indicators in the financial statement, industry players have commended Access Bank for recording a decent performance in the face of macro-economic instability, currency depreciation, the energy crisis and tight fiscal environment that characterized 2015.
Commenting on the Bank’s 2015 performance, the Managing Director, Mr. Dolapo Ogundimu said the bank is pleased with the results, which have been achieved in the midst of a challenging economic environment.
“The lessons learned in the 2014 financial year for instance contributed in helping us make the right decisions and putting in place stringent measures that cushioned the Bank during the shock waves experienced by the Ghanaian economy,” he said.
Mr Ogundimu further reiterated that the underlying trend in the bank’s results reflects the huge strides the Bank has made in improving its retail market share and becoming a key player as it deploys innovative products and services for specific segments of the market.
“I’m confident about the potential of Access Bank and in achieving our objective to become one of Ghana’s top banks. As our banking business continues to grow, we shall continuously renew our focus to improve our growth indices,” he said.
Since its inception seven years ago, Access Bank has consistently demonstrated strong financial performance across key indicators earning it the recognition as one of the fastest growing banks in Ghana.
With over 45 locations spread across the country, Access Bank Ghana is leveraging its geographical network to showcase its expertise in Trade Finance, Treasury and technology driven pay and receive solutions.
The Bank is also leading the way with investments in key sectors of the economy including Telecommunications, energy, oil and gas, Manufacturing and Agriculture.