“Growing Internationally” – The Access Bank UK Ltd released its Report and Statutory Accounts 2022

“Growing Internationally” – The Access Bank UK Ltd released its Report and Statutory Accounts 2022

The Access Bank UK Ltd has released its Annual Report and Statutory Accounts for 2022. Entitled “Growing Internationally” the report highlights a strong operational performance by the main Strategic Business Units and continued growth and expansion in Africa and the MENA region. Continuing income growth saw the Bank pass the $100m milestone for the third year in succession and achieve $131.5m for the year, an increase of 18%. 


In size terms, Trade Finance continued to be the largest SBU, growing overall income by 12% to $62.6 million, up from $55.8 million in 2021. Correspondent banks, excluding parent, contributed income of $32.6 million, representing 17% growth over the $27.8 million in 2021.


Commercial Banking showed the largest growth of any of the SBUs, with income reaching $49.7 million against $37.6 million in 2021, an increase of 32% year-on-year. Leveraging our proven relationship-based model to support customers at a critical point in Nigeria’s post-pandemic economic emergence was a key factor here. Asset Management showed a significant uplift in income to $8.1 million, a 62% increase on $5 million in 2021.


Jamie Simmonds, Chief Executive Officer and Managing Director, commented on the recently published results: “A difficult global trading environment did not impact on another strong core performance, with the Bank increasing operating income to $131.5 million, the third year in succession that it has passed the important $100 million income milestone. The Bank increased operating income in 2022 to $131.5 million, a rise of 18% on the $111.1 million achieved in 2021, despite the negative impact on the Russia-Ukraine conflict on global financial markets, inflation, Central Bank rates and commodity training.”


Herbert Wigwe, Chairman and Non-Executive Director, added: “Securing the approval of French regulators for the Bank to open a regulated branch in France was the highlight of a strong financial and operational performance in 2022.”


‘’Finally, I offer thanks to our customers for their support and for entrusting us with their funds which, for the first time, now exceed $1.25 billion, in terms of customer deposits.’’


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