[ 2017-05-11 ]

Access Bank Ghana holds 9th AGM
Access Bank (Ghana)Plc has held its 9th Annual
General Meeting (AGM) to consider and adopt the
Statement of Accounts for the year ended December
31, 2016 at the College of Physicians and Surgeons
in Accra.

Addressing shareholders at the meeting, the Board
Chairman, Mr. Frank Beecham, highlighted that the
Bank’s performance in 2016 reflected the
economic challenges of the past three years, as
the environment within which it operated was
defined by peculiar political and economic
uncertainty and the tightening of the fiscal space
that had knock-on effects on the banking
industry.
He further reiterated that despite the challenging
economic conditions in Ghana, the Bank is in a
much better position to focus on delivering its
objectives and transforming the Bank into a large
retail bank that can guarantee exceptional service
to its customers.
Mr. Beecham added, “The achievement of our
5-year strategic plan to rank amongst the top tier
Banks in Ghana by 2018 is alive. The Bank
continues to enjoy and maintain a positive
goodwill in the market, a recognition which was
recently validated by its successful listing on
the Ghana Stock Exchange.”
In 2016, the Bank recorded a reduction in its
profits by 44% to GHS44 million,largely arising
from loan provisions for outstanding legacy debts
from the energy sector.
However, the Bank has remained resilient and
demonstrated that its growth prospects were
largely on course as earning capacity and customer
deposits saw growth. Gross Earnings of the Bank
increased by 16% to GHS 487.85 million from the
previous year while Customers’ Deposits
increased by 16% from GHS1.7 billion to GHS2.01
billion.
On Shareholders’ Funds, it increased by 19% from
GHS359 million to GHS429.9 million and the
Bank’s Total Assets increased by 11% rising from
GHS2.4 billion in 2015 to GHS2.68 billion in
2016.
Speaking on the Bank’s performance, the Managing
Director of Access Bank Ghana, Mr. Dolapo Ogundimu
noted that, due to the various changes and strides
made in 2016, the management of the bank is
confident that the Bank is well positioned to
deliver greater value to shareholders in 2017 and
beyond.


“The continued growth witnessed in our Personal,
Business, Commercial and Corporate Banking
businesses was as a result of our service led
business reorganisation in the past year.

With a strengthened capital position, the Access
Bank we know today will be able to continue on its
path of investing heavily in technology, mobile
capabilities and other infrastructure.

These capabilities fall in line with the aim of
improving our efficiency and serving over 80% of
our retail and business customers through modern
electronic banking channels in the coming
years.” Mr Ogundimu said.

At the end of the meeting, shareholders expressed
confidence in the Bank’s performance and adopted
the 2016 audited financials as presented by
PricewaterhouseCoopers for the period.

Three new appointed Board of Directors, Mr. Kris
IfeanyiNjoku, Mr. KolawaleAjimokoand Miss Joyce
Dimkpa also had the opportunity to interact with
the shareholders at the meeting to familiarise
themselves.

Over the years, Access Bank has demonstrated a
strong commitment to sustainable business
practices driving profitable, sustainable growth
that is also environmentally responsible and
socially relevant.

The Bank is also leading the way with investments
in key sectors of the economy including
telecommunications, energy, oil and gas,
manufacturing and agriculture.

Source - citibsinessnews.com

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