Access Bank recorded an increase in profits by 23 per cent to GH¢72 million from GH¢58 million in 2017 while total assets grew by 11 per cent from GH¢3.2 billion to GH¢3.5 billion.
Deposits rose by 15 per cent to GH¢2.5 billion from GH¢2.1billion in 2017 with gross earnings increasing by 12 per cent to GH¢544 million from GH¢485 million.
Board Chairman of Access Bank Ghana, Frank Beecham, disclosed this at the bank’s 11 Annual General Meeting (AGM) in Accra.
During the AGM, shareholders commended the bank for meeting the new minimum capital requirement set by the Bank of Ghana (BoG) and improving its performance in the year under review.
Mr. Beecham stated that the board was unable to recommend the payment of dividends to shareholders, as it was duty-bound to uphold prudential guidelines from the regulator and its own internal guidelines.
He was, however, confident that the decision of the board will enable the bank to deal adequately with loan impairments and legacy issues.
“We have a made a good start to the 2019 financial year and are positive about our ability to declare dividend payouts to shareholders in the new financial year,” he added.
Managing Director of Access Bank Ghana, Olumide Olatunji referred to the past year as a period of growth towards the achievement of the bank’s strategy to become Africa’s gateway to the world and one of the leading retail banks in Ghana by 2022.
He added that the bank made steady progress across key strategic imperatives, as it consolidated the wholesale and retail banking business to deliver more value.
Since 2009, Access Bank has demonstrated a strong commitment to sustainable business practices driving profitable, sustainable growth that is also environmentally responsible and socially relevant.