Shareholders of Access Bank (Ghana) Plc have commended the efforts of the Board of Directors, Management and staff for its performance for the 2022 financial year.
The commendation was given at the 15th annual general meeting of the bank held in Accra, where various shareholders were present.
Speaking at the meeting, shareholders noted that the bank’s performance signalled strong signs of sustained growth and resilience, in spite of it being overshadowed by credit impairments relating to Ghana’s sovereign-debt issues.
During the period, Access Bank Ghana recorded over 35 per cent growth in its balance sheet size from GH¢7.455 billion to GH¢ 10.835 billion.
Operating revenue went up by 38 per cent, from GH¢ 832 million to GH¢ 1.150 billion, while loans and advances witnessed a 41 per cent growth, from GH¢ 1.167 billion to GH¢ 1.645 billion, and total deposit by 60 per cent, from GH¢ 4.623 billion to GH¢ 7.399 billion.
In her maiden address to members at the meeting, the newly appointed Board Chairperson of Access Bank (Ghana) Plc, Ms Ama S. Bawuah, revealed that although macro-economic challenges affected the bank’s profit, it finished the year on a sound footing and with a momentum to change the narrative for 2023 and beyond, having, among other things, maintained a healthy capital adequacy ratio of 34 per cent, which is far above the 10 per cent regulatory threshold.
“The year 2022 was an exceptional year due to the largely unforeseen external shocks that resulted in painful outcomes and decisions not just for our bank, but several players in the financial services industry. We are, however, optimistic about our future successes given the strong fundamentals we have built overtime, together with our unrelenting commitment to global best practice in applying sound corporate governance and risk management practices,” she added.
Access Bank’s audited financial statements for 2022 revealed that the bank’s profit had been eroded leading to a loss position of GH¢ 440.6million.
“In compliance with the Bank of Ghana’s directive to suspend the declaration and payment of dividends and other distributions to shareholders, our bank will, therefore, not be in a position to recommend any dividend pay-out,” Ms Bawuah said.
Addressing members during the meeting, Managing Director of Access Bank Ghana, Olumide Olatunji, explained that Access Bank was still committed to becoming a catalyst for socio-economic development in the country.
He noted that despite the external challenges, Access Bank continued to support the real sectors of the economy to drive growth, create employment and generate the needed vibrancy to support the rebound of the economy.
BY TIMES REPORTER