Access Bank Ghana Plc has demonstrated its resilience and commitment to excellence by delivering impressive financial results in the third quarter of 2023, despite current economic challenges.
The bank posted significant growth across key financial metrics, solidifying its position as a leading financial institution in the country.
The bank saw a surge in profit after tax, recording a 47.13 percent increase to GH¢455,633 in quarter three of 2023 from the GH¢309,688 recorded in the same period of 2022. This underscores its ability to weather economic challenges and also emphasizes its customer-centred approach to banking. Shareholders have witnessed a substantial increase in value, with earnings per share soaring by 113.01 percent; rising from 1.23 to 2.62 in the period under review.
This growth reflects the bank’s commitment to delivering returns and attracting higher pay-outs, according to its management.
Access Bank Ghana’s commitment to national development is evident in its tax contribution, which increased by 47.13 percent from GH¢166,755 to GH¢245,341 at the end of third quarter 2023. The bank continues to play a crucial role in supporting the public purse, showcasing its dedication to the broader economic landscape.
The bank’s total operating income hit a robust 47.33 percent increase, reaching GH¢1,003,149. While there was a slight dip in net interest income, the overall positive performance was driven by growth in fees, commissions and other trading income.
Additionally, customer confidence in Access Bank Ghana’s operations is evident by the substantial increase in deposits, reaching GH¢8,504,718, a growth of 43.79 percent compared to what was recorded in the same period last year. Strategic investments in property, equipment and right-of-use assets increased by 13.95 percent, reaching GH¢405,490.
While operating costs increased by 40.67 percent, potentially reflecting higher personnel expenses, Access Bank Ghana maintains an efficient operation. The bank achieved a return on assets (ROA) of 4 percent, marking a 34.64 percent increase and a return on equity (ROE) of 31 percent – showcasing a growth of 44.02 percent.
Beyond financial success, Access Bank Ghana remains committed to social responsibility. The bank’s contribution to national development extends to youth entrepreneurship support and disaster relief efforts, illustrating its dedication to community well-being.
Commenting on the performance, Access Bank Ghana’s Managing Director, Olumide Olatunji, expressed satisfaction with the bank’s performance and emphasised the institution’s dedication to contributing positively in Ghana’s economic growth.
“This performance reflects our commitment to growth of the Ghanaian economy. Our aim as always is providing access to financial solutions for every Ghanaian. This performance reflects our resilience, commitment to customers and integral role in community development. We are here for the long haul. We remain poised to exceed expectations, foster sustainable development and elevate our impact on both the financial industry and communities we serve.”