The Access Bank UK Limited has released the Annual Report and Accounts for 2017. Entitled ‘Looking to the future’, the report highlights the Bank’s continued dedication to building the trust and loyalty of its customers, the expansion of the Dubai office and the broadening of its range of Asset Management products.
Herbert Wigwe, Chairman and Non-Executive Director said “Fundamental to the Bank’s success is our continuing commitment to a culture of building and maintain strong relationships with a core customer base, displaying agility and flexibility in developing innovative, high quality solutions and products tailored to both the specific commercial banking needs of our corporate clients and also the asset management requirements of high net worth individuals and corporates among our customers”.
“The Bank’s continued focus on providing relationship management within our moderate risk appetite provided another strong financial performance. In 2017, we achieved pre-tax profits of £22m, up 76% year-on-year. This produced a return on equity of 16.6%, well above the benchmark
for our peer group operating in this marketplace”.
Jamie Simmonds, Chief Executive and Manging Director added “We recorded yet another year of significant all-round growth in 2017. Our operating income was up 45% year-on-year to £36.2m, with all four strategic business units performing well. Pre-tax profits overall grew by a substantial 76% to £22m and the return on equity rose to 16.6%, up from 13.54% in 2016.
Trade Finance revenues increased year-on-year by 15% to £19.8m whilst Commercial Banking team achieved an increase of 113% year-on-year to £11.5m. Asset Management and Private Banking incomes rose by 15.3% to £1.5m. The Bank continued expanding the depth and breadth of the services in the recently opened office in Dubai and in its first full year trading it has delivered income of £671k covering all of its Direct Costs.
We continue to carefully and successfully build the brand and have now reached the point where The Access Bank UK is recognised and trusted in international markets around the world. As a result, we have created a strong platform for continued growth as we embark on our next five-year plan”.
Click here to view The Access Bank UK Limited Annual Report and Accounts 2017.