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.’’
