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