Access Bank Ghana reported a 22% rise in net operating income to 1.97 billion Ghana cedis for 2024, driven by growth in loans and investment securities.
However, profit after tax fell 13% to 537 million cedis, reflecting increased impairment charges and operating costs linked to its expanding asset base.
The bank’s total assets surged 35% to 16.56 billion cedis, with loans and advances climbing 56% to 3.7 billion cedis. Shareholders’ equity grew 25% to 1.76 billion cedis, supported by retained earnings. Despite this, earnings per share dropped to 309 pesewas from 356 pesewas in 2023, underscoring pressure from higher provisioning.
Impairment losses on financial assets tripled to 387.7 million cedis, a key factor flagged by auditor Ernst & Young, which nonetheless affirmed the financial statements as compliant with international standards. The bank’s non-performing loans improved to 2.08% of total loans, down from 3.9% in 2023, with collateral coverage at 9.2 billion cedis.
Governance disclosures highlighted a 10-member board, including five independent directors and four women, aligned with central bank requirements. Directors completed training on emerging regulatory risks and cybersecurity.
Capital adequacy stood at 19.22%, above the regulatory minimum of 10%, bolstered by temporary relief measures from Ghana’s central bank following sovereign debt restructuring. Liquidity remained robust at 54.4%, though down from 60.2% in 2023.
Looking ahead, the bank emphasized digital banking expansion and ESG initiatives, including 2.24 million cedis in community projects. Challenges include navigating inflation and currency volatility, with management pledging tighter risk controls to stabilize profitability.
