Shareholders Commend Access Bank

Ama S. Bawuah (middle) flanked by Olumide Olatunji (left) and Helen Decardi Nelson (right) Company Secretary

Shareholders of Access Bank (Ghana) Plc have commended the efforts of the Board of Directors, Management and staff on its performance for the 2022 financial year.

The commendation was given at the 15th Annual General Meeting (AGM) of the Bank held in Accra, where various shareholders were present.

During the period, Access Bank Ghana recorded over 35% growth in its balance sheet size from GH¢7.455 billion to GH¢10.835 billion. Operating revenue went up by38% from GHS832 million to GH¢1.150 billion whilesLoans and Advances witnesseda 41% growth from GH¢1.167 billion to GH¢1.645 billion, and Total Deposit by 60% from GH¢4.623 billion to GHS7.399 billion.

Board Chairperson of Access Bank (Ghana) Plc, Ms. Ama S. Bawuah, revealed that although macro-economic challenges affected the Bank’s profits, Access Bank finished the year on a sound footing and with a momentum to change the narrative for 2023 and beyond, having among other things maintained a healthy capital adequacy ratio of 34%, which is far above the 10% regulatory threshold.

“We are optimistic about our future successes given the strong fundamentals we have built overtime, together with our unrelenting commitment to global best practice in applying sound corporate governance and risk management practices”, she added.

Access Bank’s audited financial statements for 2022 revealed that the Bank’s profits had been eroded leading to a loss position of GH¢ 440.6million.

“In compliance with the Bank of Ghana directive to suspend the declaration and payment of dividends and other distributions to shareholders, your Bank will therefore not be in a position to recommend any dividend pay-out”, Ms. Ama Bawuah concluded.

Managing Director of Access Bank Ghana, Olumide Olatunji explained that Access Bank was still committed to becoming a catalyst for socio-economic development in the country.

He noted that despite the external challenges, Access Bank continued to support the real sectors of the economyto drive growth, create employment and generate the needed vibrancy to support the rebound of the economy.

Responding to questions on the floor, Mr. Olatunji said. “We did not stop investing in our business, especially in the area of technology, so we carried out a major upgrade on our core banking applicationto improve the services and value we give to our teeming customers.We also adapted well during the year by diversifying our business models to meet our customer needs and strategic partnerships while maintaining a disciplined approach to our expansion drive”, he noted.