We are pleased to announce the release of our Annual Report and Financial Statements for 2024. Entitled “Africa’s International Gateway”, this report outlines how The Access Bank UK Ltd continues to serve as a vital link between international markets and Africa, showcasing the Bank’s performance, strategic initiatives, and commitment to driving sustainable growth across its key regions. The report highlights a strong financial performance. Notably, our operating income continued its upward trajectory, surpassing the $200 million milestone for the second consecutive year to reach $244.3 million.
Trade Finance maintained its position as the largest SBU, growing overall income by 0.85% yoy to $107m (2023: $106.1m). Commercial Banking posted substantial growth, with income reaching $106m against $78.9m, a yoy increase of 34.3%. Customer deposits also reached $1.55bn, a rise of 6.8% on the year before.
Our Asset Management SBU recorded its strongest performance since starting 10 years ago and despite pressures on trade finance, our countercyclical private banking strategy enabled clients to mitigate Naira-related risks through hard currency investments. This led to a significant uplift in Assets Under Management (AUM) to $565m (2023: $440m), a 23.37% increase, while income reached $14.1m (2023: $10.4m), a rise of 35.58%.
International growth also continued in 2024, when the Bank received final approval to launch a fully licensed subsidiary in Malta – The Access Bank Malta Limited. The Access Bank UK Limited also celebrated the official opening of its Hong Kong branch, signifying a landmark achievement as The Access Bank UK Limited becomes the first West African bank to establish a presence in Hong Kong. Together, these achievements mark a significant step in the Bank’s international expansion strategy, reinforcing its role as a bridge between Africa, Europe, and Asia, and supporting the growing demand for cross-border banking and investment solutions.
Commenting on the results, CEO/ MD of The Access Bank UK Limited, Jamie Simmonds said:
“The year was marked by an acceleration of the Bank’s efforts to deliver on its mandate from Group to create and expand a strong international capability to capitalise on global trade flows into and out of Africa. The year’s solid performance has left us well-placed to build on the consistent progress of recent years and to start generating income from our expanded international network.”
David Charters, Chairman and Independent Non-Executive Director, added:
“The launch of The Access Bank Malta Limited, our first fully owned subsidiary, and our status as the first West African bank to establish a presence also in Hong Kong, were the undoubted highlights of a year which saw the continuation of our international expansion plans. We enter the year ahead with cautious optimism, and in expectation of further measured growth, as our international operations move from the investment and start-up phase to start generating trade flows and income, whilst our core Strategic Business Units continue to build on their successful financial and operational track records.”
