Expanding our horizons – Africa’s gateway to the world – The Access Bank UK Limited releases its Report and Statutory Accounts for 2019

Expanding our horizons – Africa’s gateway to the world – The Access Bank UK Limited releases its Report and Statutory Accounts for 2019

The Access Bank UK has released its Report and Statutory Accounts for 2019. Entitled “Expanding our horizons – Africa’s gateway to the world” the report highlights a strong operational performance by the main Strategic Business Units and continued growth and expansion in Sub-Saharan Africa and the MENA region.

The Bank has demonstrated yet another year of significant all-round growth, achieving and exceeding target for all of the main growth strategies. Operating income increased by 20% year-on-year to $85.2m, with all four strategic business units performing well. Pre-tax profits overall grew significantly by 30% to $57.2m.

The Trade Finance operation continues to be the Bank’s largest SBU and is also confirming bank for Access Bank Plc and the Group. Income grew by 28% year-on-year to $40.4m, of which $12.4m was accounted for by correspondent banking. 

Commercial Banking income was higher than anticipated at $30.6m representing 5% year on year growth while Asset Management income rose by 15% to $2.6m.

Dubai, the newest SBU, was also a significant performer, with income reaching $7.5m, an uplift of 168% year on year. This success is founded on our strong relationship model and testament to the trust a growing number of important Middle Eastern clients have shown in us as the gateway to Nigeria and the rest of Africa.

Jamie Simmonds, Chief Executive Officer and Managing Director, commented on the recently published results: “Among many notable developments during the year, the Bank now has a mandate to develop the Group’s international interests, as it progresses towards global bank status. Our clearly defined role is a logical outcome of the successful merger with Diamond Bank and we welcome the opportunity it gives us”.

Herbert Wigwe, Chairman and Non-Executive Director, added: “The Bank’s successes of 2019 were achieved without any significant contribution from Diamond Bank customers, which we expect will feed through during 2020 and beyond”.

Click here to view The Access Bank UK Limited Report and Statutory Accounts for 2019.

The Access Bank UK Limited is registered in England & Wales, Company Number 6365062. Registered Office: 4 Royal Court, Gadbrook Way, Gadbrook Park, Northwich, Cheshire, CW9 7UT. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA & PRA Registration Number 478415. 

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