Access Bank Ghana Plc records commendable financial growth in Q1 2024

Access Bank Ghana Plc has reported a commendable first quarter profits, showing improvement in performance indicators.

The bank’s unaudited financial results for the first quarter (Q1) ended March 31, 2024, released earlier this week showed an increase of 8 per cent in Profit before Tax, (PBT) to GHS282 million when compared to GHS261 million in Q1 2023.

Profit after Tax (PAT) grew by 8 per cent to GHS183.6 million in 2024, up from GHS169.6 million in the corresponding period of 2023.

The profit was recorded from gross earnings of GHS608 million, which showed an increase of 18 per cent compared with GHS517 million for the same period in 2023. Interest income and non-interest income contributed 52 per cent and 48 per cent respectively to the gross earnings.

Further analysis of the results showed that Access Bank’s balance sheet remained strong with a total asset standing at GHS13.7 billion at the end of Q1 2024, compared with GHS12.3 billion in December 2023.

Speaking on the results, Managing Director, Access Bank Ghana Plc, Olumide Olatunji said: "2024 marks the beginning of our new five-year strategic plan and in the coming months, we will focus our priorities on the delivery of our strategic objectives.

"We will continue to improve on profitability and shareholder value by maintaining our capital and liquidity positions, assiduously implementing our cost management strategy, and exploiting retail business opportunities using our digital platforms and deepening market share of the wholesale business."

Olumide assured stakeholders that the bank will remain stronger and well positioned to deliver long-term value to its stakeholders.

According to him, although the macro-economic conditions and corresponding implications on the banking industry remain uncertain, the bank’s diversified banking model, robust balance sheet and solid management team give it the strength and resilience that will keep the financial institution in good stead.

Chief Finance Officer of Access Bank, Akosua Aboagye express that by diligently executing our strategy, "we will continue to maintain improved profitability and create the capacity to continue to invest in our key areas of strength. Our top priority in the coming year will be to cement our position as a dominant wholesale bank and continue to establish ourselves as a formidable retail player, leverage digital technology and innovation to create value for our customers whilst unlocking new revenue streams and delivering seamless and superior customer experience across all our service touch points", she said.

Access Bank remains committed to providing a holistic banking experience for shareholders, customers, and staff, operating through over 700 branches and service outlets in 20 countries, including the UAE, UK, and France, along with three representative offices in China, India, and Lebanon.