Some board members of Access Bank at the 6th AGM

Access Bank Ghana Plc held its 16th Annual General Meeting (AGM) at its head office, marking a year of exceptional performance and growth.

The Board Chairperson of Access Bank (Ghana) Plc, Ama S. Bawuah, presented the financial statements, highlighting the bank's impressive performance despite the challenging macroeconomic environment.

Ms. Bawuah said that, “In 2023, Ghana's economy was characterized 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 indicated that the bank's total assets grew to 22.3%, from GH¢10.057 billion to GH¢12.30 billion while operating income increased by 40% from GH¢1.150 billion to GH¢1.613 billion while Loans and advances rose by 42.81%.

“These achievements underscore our steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming our pledge to serve you with excellence and integrity”.

She stated Access Bank's commitment to expansion, innovation, and customer convenience was also showcased, with the implementation of several digital products and services such as the virtual relationship management (VRM) tool to augment customer service support.

The bank also established priority desks to cater to a specific demographic and facilitate the smooth running of business in those areas. These include the Chinese, German, Lebanese, French, and Turkish desks.

The Managing Director, Olumide Olatunji reiterated the bank’s resilience and stability.

“Despite the prevailing uncertainties, your bank maintained a robust performance across key financial metrics, a testament to our prudent financial management and unwavering dedication to our mission. We observed substantial growth in deposits, surging from GH¢7.399 billion to GH¢9.130 billion, marking a notable 23% increase.”

He added that the bank achieved a remarkable turnaround by resuming tax remittances to the government.

“This reversal from a negative contribution of GHS102 million to an impressive 509% increase to GH¢419 million underscores our commitment to fiscal responsibility and sustained growth. Concurrently, shareholders' funds experienced substantial growth, from GH¢1.014 billion to GH¢1.403 billion, attributed to the transformative strategies implemented in the bank’s business management practice”, he pointed out.

Olumide Olatunji thanked shareholders for their support and emphasised the bank's commitment to excellence and customer satisfaction.

"We are proud of our achievements and recognize the trust our customers and shareholders have placed in us,". We will continue to innovate, expand our reach, and support Ghana's economic growth”, he noted.

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 staff 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.

Shareholders approved all resolutions on the agenda which included among other things, also saw the re-election of the members of the Board of Directors and one retirement. The event was a celebration of the bank's dedication to its stakeholders and its contribution to Ghana's financial landscape.

 As Access Bank Ghana continues to grow and expand its operations, it remains committed to promoting financial inclusion and supporting the country's economic development. Since 2009, Access Bank has demonstrated a strong commitment to sustainable business practices driving profitable, sustainable growth that is environmentally responsible and socially relevant.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.