Access Bank posts strong half-year results

Access Bank posts strong half-year results

Access Bank has recorded strong growth in its financial performance for the first half of the year, with a 16% and 12% year-on-year (YoY) growth in its net interest income and pre-tax respectively. This comes despite the subdued economic conditions brought about by a spike in coronavirus cases at the turn of the year.

During the period under consideration, the bank grew its net interest from GH¢188 million to GH¢218 million while profit before tax to GH¢216 million, from GH¢193 million the previous year.

This was disclosed as the lender took its turn at a ‘Facts behind the Figures’ session organised by the Ghana Stock Exchange (GSE) where listed companies present their financials to key stakeholders while interacting with investors and the public through the media.

Presenting on the first-half performance of the Bank, Managing Director of Access Bank, Olumide Olatunji stated that the growth was as a result of measures put in place by the bank prior to and at the height of the pandemic.

Stating that Access bank is well-positioned to maximise and return value to shareholders, Mr. Olatunji expressed delight at the growth trajectory of the bank and commended the impactful efforts made by staff in achieving this feat.

On the GSE-listed bank’s outlook for the medium term, Mr. Olatunji hinted that the bank will continue to grow its retail banking arm, whilst consolidating its wholesale banking business as it further deepens its drive towards digitalisation. “The bank will continue to explore digitally-led solutions to customers across multiple segments as it strives to deepen digitalisation towards a cash-lite society.”

These, he intimated, are being rolled out on the back of robust state-of-the-art security-enhancing architecture. Incorporating advanced analytics to tailor products to customers’ needs and manage risks across multiple businesses and markets are key strategic focus of the Bank in the medium term and significant investments are being made to ensure this.

Chief Operating Officer of the bank, Ade Ologun used the opportunity to assure customers and investors of the security measures put in place by the bank to ensure the safety of customers’ assets and investments.

On his part, Chief Financial Officer, Michael Gyabaah reechoed the CEO’s outlook, noting that Access Bank continues to see growth across all key metrics; a development he attributed to strong fundamentals and prudent decision-making.

Key highlights from this performance have contributed to the Bank being recognised in various awards schemes including the Global Financial Inclusion Award (2020) by the Banker Magazine; Most Innovative Retail Banking Brand and best CSR Bank in Ghana (2020) by Global Brands as well as Best Company in Customer Service by Ghana Customer Service Index (GCSI).

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