Access Bank Ghana sees assets rise 22.3%, nets GHS12.30bn in FY’23

L-R: Olumide Olatunji, managing director, Access Bank Ghana; Ama S. Bawuah, board chair, Access Bank Ghana; and Helen Decardi Nelson, company secretary, Access Bank Ghana, at the 16th annual general meeting of Access Bank Ghana held at its head office in Accra, recently

Business a.m.

Access Bank Ghana Plc saw its total assets jump to GHS 12.30 billion in the 2023 financial year, representing a growth of 22.3 percent after the bank posted GHS 10.057 billion in the previous year.

The growth solidifies Access Bank’s position as a leading player in Ghana’s banking sector, market analysts say.

Ama Bawuah, the board chairperson of Access Bank (Ghana) presented the financial statements at the bank’s 16th annual general meeting (AGM), highlighting its impressive performance despite the challenging macroeconomic environment.

Access Bank Ghana’s financials indicated that operating income increased by 40 percent from GHS1.150 billion to GHS 1.613 billion, while its loans and advances grew 42.81 percent.

The bank also recorded substantial growth in deposits, surging from GHS7.399 billion to GHS9.130 billion, marking a significant 23 percent increase.

Bawuah noted that in 2023, Ghana’s economy was characterised by macroeconomic instability, escalating inflation, and dwindling investor confidence stemming from both domestic imbalances and external pressures.

“Against the backdrop of global and national economic uncertainties, I am pleased to share that your bank successfully applied valuable insights and industry best practices to achieve substantial growth across key areas in the past year,”she told shareholders.

The board chairperson added that the achievements in the period under review underscore the bank’s  steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming its pledge to serve customers with excellence and integrity.

Olumide Olatunji, the managing director, Access Bank Ghana, also reiterated the bank’s resilience and stability, saying that despite the prevailing uncertainties, Access Bank maintained a robust performance across key financial metrics, a testament to its prudent financial management.

According to Olatunji, the bank achieved a remarkable turnaround by resuming tax remittances to the government. He noted that the reversal from a negative contribution of GHS102 million to an impressive 509 percent increase to GHS419 million underscores the bank’s commitment to fiscal responsibility and sustained growth.

Concurrently, shareholders’ funds experienced substantial growth, from GHS1.014 billion to GHS1.403 billion. The managing director attributed this development to the transformative strategies implemented in the bank’s business management practice.

Olatunji thanked shareholders for their support and emphasised the Bank’s commitment to excellence and customer satisfaction, saying ,“we are proud of our achievements and recognise the trust our customers and shareholders have placed in us. We will continue to innovate, expand our reach, and support Ghana’s economic growth.”

Commenting on the financial statement, Sampson Ashong, the general secretary of the shareholders, praised the bank’s performance and initiatives,citing its resilience and growth potential.

“I am thoroughly impressed with the bank’s commitment to sustainability initiatives and employee capacity building. The dedication to creating a positive impact on the environment and society, while investing in the growth and development of their staff is truly commendable. This is evidence that Access Bank is not just focused on financial returns, but also on making a positive difference in the world,” he said.