Access Bank grows its profits ten times

One of the new entrants into the banking industry, Access Bank last year produced about the best results by far amongst its peers.

Its profit shot up from 840 in the six months of operation in 2009 to 8.5 million Ghana cedis last year.

It also saw a substantial growth in all areas of operations with deposits from customers growing by a little over 1,200 percent to nearly 92 million Ghana cedis.

Though the trend could be typical of companies in the early years of business life-cycles, Managing Director Yomi Akapo maintains the bank has done well for itself because of its expertise in the treasury and bond market.

He said the bank was well capitalized, a situation he believes accounted for the performance of the bank.

Mr Akapo said the bank now needs to develop its commercial and retail banking products to sustain its profitability.

Source: Joy News/Ghana