Access Bank Ghana Plc has demonstrated its resilience and commitment to excellence by delivering impressive financial results in the third quarter of 2023.
Despite the economic challenges, the bank has reported significant growth across key financial metrics, solidifying its position as a leading financial institution in Ghana.
The bank showcased a remarkable surge in profit after tax, recording a 47.13% increase to ¢455.633 million in quarter 3, 2023 from ¢309.688 million recorded at the same period in 2022. This underscores the bank’s ability to weather economic challenges and also emphasises its customer-centred approach to banking. Shareholders have witnessed a substantial increase in value, with earnings per share soaring by 113.01%, 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 the management.
Access Bank Ghana’s commitment to national development is evident in its tax contribution, which increased by 47.13% from ¢166.755 million to ¢245.341 million at end of the 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% increase, reaching ¢1.003 billion. While there was a slight dip in net interest income, the overall positive performance was driven by growth in fees, commission, and other trading income.
Additionally, customer confidence in Access Bank Ghana’s operations is evident in the substantial increase in deposits, reaching ¢8.504 billion, a growth of 43.79% compared to what was recorded in same period last year. Strategic investments in property, equipment, and right-of-use assets increased by 13.95%, reaching ¢405.490 million.
While operating costs increased by 40.67%, potentially reflecting higher personnel expenses, Access Bank Ghana maintains an efficient operation. The bank achieved a return on assets (ROA) of 4%, marking a 34.64% increase, and a return on equity (ROE) of 31%, showcasing a growth of 44.02%.
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, showcasing its dedication to community well-being.
Commenting on the performance, Access Bank Ghana’s Managing Director, Olumide Olatunji, expressed satisfaction with the bank’s exceptional performance and emphasised the institution’s dedication to contributing positively to Ghana’s economic growth.
“This performance reflects our commitment to the growth of the Ghanaian economy. Our aim as always is to provide access to financial solutions to every Ghanaian. This performance reflects our resilience, commitment to customers, and our 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 the communities we serve”.
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