Access Bank Ghana Plc, a leading retail bank in Ghana, has recorded a profit before tax of more than GHS1 billion in 2023 – a historic feat for the Bank.
The Bank’s profit before tax for 2023 was GHS 1.037bn, compared with the GHS 440.6 million in 2022.
After paying some GHS419.3m in taxes, the Bank recorded a profit after tax of GHS618.4m, compared to the profit after tax of GHS 338.1m in 2022, where the bank paid GHS102.4m in taxes.
‘The Bank recorded an outstanding increase in profit before tax compared to the previous year, surpassing GHS1 billion for the first time in its history,’ it said in a press release copied to the Ghana News Agency.
‘This remarkable achievement reflects Access Bank Ghana’s unwavering commitment to excellence and its ability to navigate through challenging economic landscapes,’ it further stated.
For the year ending 2023, Access Bank’s total operating revenue reached GHS1.613 billion from GHS1.150 for the same period in 2022, which represents a 40 per cent growth.
The Bank’s
Total Assets grew from GHS10.057 billion in the previous year to GHS12.304 billion in 2023, reinforcing the Bank’s financial stability and capacity to support various sectors of the Ghanaian economy.
Meanwhile, total equity and liabilities also increased from GHS9,043,018 in 2022 to 10,901,525 in 2023.
Reflecting on the performance, Mr Olumide Olatunji, Managing Director, Access Bank Ghana, credited the success to the enduring trust and confidence bestowed upon the bank by its valued customers and stakeholders.
He underscored the Bank’s strategic focus on diversification, innovation, and dedicated customer service to meet evolving customer needs while maintaining a disciplined approach to expansion and business operations.
Mr Olatunji reiterated Access Bank’s dedication to excellence in both retail and wholesale banking sectors.
He highlighted strategic initiatives, including credit card offerings, Small and Medium-sized Enterprise (SME) financing, and the establishment of strategic desks for priority se
gments, such as French and Lebanese desks, all poised to be instrumental in advancing Access Bank’s strategic growth agenda.
Those endeavours, he said, were strategically aligned to reinforce Access Bank’s position as the Most Respected Bank in Ghana.
Ms Akosua Biama Aboagye, Chief Finance Officer, Access Bank Ghana, noted that the results align closely with the bank’s long-term strategic growth objectives.
She stated that the Bank’s remarkable financial performance in 2023 underscored its resilience, agility, and unwavering commitment to driving economic growth and fostering financial inclusion in Ghana.
She emphasised the Bank’s ongoing investments in key operational areas to enhance efficiency, service quality, and sustainable value creation for shareholders and stakeholders alike.
Operating through an extensive network of 55 branches nationwide, Access Bank Ghana serves diverse customer segments across more than 10 regions with innovative and flexible banking solutions.
The Bank has earned many reco
gnitions, including accolades of the Best Bank from the Euromoney Awards and Global Finance Awards – reaffirming its position as a leading advocate for SMEs and a trailblazer in sustainable finance.
Source: Ghana News Agency