The Access Bank UK Limited has released its Annual Report and Statutory Accounts for 2021. Entitled “Charting a course for the future” 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. Continuing income growth saw the Bank pass the $100m milestone for the second year in succession and achieve $111.1m for the year, an increase of 10%.
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 maintained its upwards trajectory, with income up 9% year-on-year to $55.8m and correspondent banking income growing to $27.8m, up 12% year-on- year.
Commercial Banking income has reached $37.6m while Asset Management income rose by 52% to $5m. Our retail products continued to attract interest, with £152.2m flowing into our 1, 2 and 3-year bonds during the year. Also, we were pleased to announce the launch of our new Visa debit card to both personal and business customers.
Jamie Simmonds, Chief Executive Officer / Managing Director at The Access Bank UK Ltd, commented on the recently published results: “A challenging external environment and trading conditions failed to dent another strong performance, as the Bank passed the $100 million income milestone for the second year running to generate operating income of $111.1 million, representing year-on-year growth of 10%. The performance once again reinforced the effectiveness of our proven income-driven strategy, in which we deepened relationships with key customers and retained relationships that we have had for a decade or longer.”
Herbert Wigwe, Chairman and Non-Executive Director, added: “In achieving another strong set of results in 2021, the Bank has emerged fitter through the continued growth and retention of its customers and an increase in staff, despite another year made difficult by the restrictions of the ongoing COVID-19 pandemic.”
Click here to view The Access Bank UK Limited Report and Statutory Accounts for 2021
