Access Bank grows profit by 138%

Access Bank has disclosed that its United Kingdom subsidiary has grown its profit before tax by 138 per cent to £5million for the 2014 financial year.

The lender said its operating income also rose by 37 per cent from £10.9million in 2013 to £15million in 2014. Assets under management for 2014 were £34million, which is a year on year rise of 12.2 per cent, while total private bank customer funds were £46million, a rise of 16 per cent on the previous year. Its net interest income grew by 94 per cent to £6.4million.

In a press statement by the bank yesterday, the chief executive officer, Access Bank UK, Mr. Jamie Simmonds, said this feat was achieved while still operating within the moderate risk appetite set by the UK board, adding that other new products such as the UK fixed-term deposits were also introduced by the bank in 2014.

Simmonds said, “Our second five-year plan began in 2014 and we achieved our aims and outperformed projections for the year. By December 31, the bank had a high capital adequacy ratio and liquid buffer assets significantly in excess of the minimum regulatory requirements. It is our intention that these will continue to be maintained at satisfactory levels in the future.

“This has been a transformational year for the bank as we have continued to grow the business based on the firm foundations that we have established and also diversified our income streams to ensure sustainable performance. We believe we have succeeded in the current financial climate where others have failed through our focus on establishing strong relationships with all our customers.”

Meanwhile, the bank said it had sponsored a polo game to raise funds for orphaned and vulnerable children in Nigeria, an annual programme that underscores its continued support for the United Nations Children’s Fund (UNICEF).

“Our support for the Fifth Chukker UNICEF initiative comes from the fact that we are conscious of our role as a change agent in Nigeria that can help institute socio-economic development through responsible business practice and environmental considerations. We are part of the community and as such should support its wellbeing,” said the bank’s group managing director, Mr. Herbert Wigwe.

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