Strength and resilience – The Access Bank UK Limited releases its Report and Statutory Accounts 2020

Strength and resilience – The Access Bank UK Limited releases its Report and Statutory Accounts 2020

The Access Bank UK Limited has released its Report and Statutory Accounts for 2020. Entitled “Strength and resilience” 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. The $100m income milestone was reached for the first time in the Bank’s history, with 18% year-on-year growth to $100.8m.

The Trade Finance operation continues to be the Bank’s largest SBU and is also confirming bank for Access Bank Plc and the Group. Trade Finance income grew by 28% year-on-year to $51.5m, of which $24.9m was accounted for by correspondent banking.

Commercial Banking income has reached $30.6m while Asset Management income rose by 27% to $3.3m.

Dubai, the newest SBU, was also a significant performer, with income reaching $10.1m, an uplift of 35% 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 commented on the recently published results: “A defining year for the Bank, one in which we adapted at speed to ensure that we could meet the challenges created by COVID-19 and emerge with a strong underlying financial performance, thanks in large measure to our robust business model, underlying cultural strength and all-round resilience”.

Herbert Wigwe, Chairman and Non-Executive Director, added: “Our staff showed extraordinary dedication, in supporting our customers when they needed it most”.

Click here to view The Access Bank UK Limited Report and Statutory Accounts for 2020 

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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