Access bank records 37% rise in profits
Access Bank (Ghana) Plc benefited hugely from interests and deposits increasing profits significantly, despite the COVID-19 scourge in 2020.
Profits after tax went up by 37% to GHC 240.1million despite economic challenges and the ability to pay back loans by some companies.
This was contained in the bank’s 2020 Financial Statement.
Interest income rose by 60.88% to GHC639,536 as interest expenditure was kept low.
The bank was able to increase all its income indices with shareholders smiling due to a rise in earnings per share to 1.36 cedis, up by 36%.
However, the bank cut back on loans and advancements by 13% to GHC 1.1billion.
Deposits from customers and shareholder’s equity also rose by about 30%.
The stated capital of the bank is the same as the minimum capital requirement of GHC 400million.
In terms of financial soundness indicators, Access Bank registered a slight increase of its liquidity ratio to 94.49%.
Non-Performing Loans was high at 18.5% even though it had dropped from 21.6%.
Access Bank’s profile
Access Bank Ghana offers universal banking services to corporate, commercial, retail customers and financial Institutions across Ghana.
The Bank launched its operations in 2009 as a catalyst for socio-economic development in Ghana to provide support for financing projects in the private and public sectors.
It won the Bank of the Year award at the 2014 edition of the Ghana Banking Awards.
In 2016, the Bank was listed on the Ghana Stock Exchange (GSE) as the 11th Bank after successfully completing its Initial Public Offer.
This feat also occasioned a name change from Access Bank (Ghana) Limited to Access Bank Ghana Plc and positioned the Bank as the first Ghanaian bank of Nigerian heritage to list on the GSE.
The Bank has over 1,800 shareholders including several Ghanaians and Institutional investors.
The Bank is a member of the Access Bank Group, which has a presence across 8 African countries, China, India, Dubai, Lebanon and the United Kingdom.