The Access Bank UK Limited has released the Annual Report and Accounts for 2016. The report entitled Building on Our Strengths highlights the Bank’s dedication to building long-term relationships with its customers, broadening the Bank’s operations in Dubai and the launch of its execution-only portfolios to expand the range of products and services for all Private Bank Customers.
Herbert Wigwe, Chairman and Non-Executive Director said “many high net worth customers who utilise The Access Bank UK for trade finance and commercial banking services also use our Asset Management and Private Banking for their UK personal financial interests. Such duality has proved beneficial for customers at a time when business and financial environments across Sub-Saharan Africa, Europe and the USA remain challenging”.
“Financially, 2016 was a good year for The Access Bank UK and we achieved all our strategic targets. Operating income increased to £25m, pre-tax profit rose to £12.5m and return on equity grew to 13.54%. Our Trade Finance teams contributed to our revenue base with an increase by 27% to £17.3m, the Commercial Banking division increased its income to £5.4m representing 29% growth year-on-year and our Asset Management and Private Banking revenues grew 9.5% to £1.27m.”
Jamie Simmonds, Chief Executive Officer and Managing Director added “Throughout the year we allowed our costs to rise to ensure continued investment to fully support the Bank’s continued growth. An increase of 12% year-on-year to £12.5m is largely attributable to finalising our IT upgrade programme and an increase in employee numbers. We also enhanced the scope of services offered through our Dubai office. Reassuringly, our overall cost to income ratio fell from 57% in 2015 to 50%”.
Click here to view The Access Bank UK Limited Annual Report and Accounts 2016.