Shareholders of Access Bank (Ghana) Plc have commended the efforts of the Board of Directors, Management and staff of the bank for its strong performance in the 2022 financial year.
The commendation was given at the 15th Annual General Meeting (AGM) of the bank held in Accra.
At the meeting, shareholders noted that the bank’s performance signalled strong signs of sustained growth and resilience, despite credit impairments relating to the country’s sovereign-debt issues.
Access Bank Ghana recorded over 35 per cent growth in its balance sheet size from GH₵7.455 billion to GH₵10.835 billion during the 2022 financial year while its operating revenue went up by 38 per cent from GH₵832 million to GH₵1.150 billion.
The bank’s Loans and Advances also witnessed a 41 per cent growth from GH₵1.167 billion to GH₵1.645 billion, and total deposits by 60 per cent from GH₵4.623 billion to GH₵7.399 billion.
Challenges
The Board Chairperson of Access Bank (Ghana) Plc, Ama S. Bawuah, said that although macro-economic challenges affected the bank’s profits, Access Bank finished the year on a sound footing and with momentum to change the narrative for 2023 and beyond, having among other things maintained a healthy capital adequacy ratio of 34 per cent, which was far above the 10 per cent regulatory threshold.
“The year 2022 was an exceptional year due to the largely unforeseen external shocks that resulted in painful outcomes and decisions not just for our bank but several players in the financial services industry.
“We are, however, optimistic about our future successes given the strong fundamentals we have built over time, together with our unrelenting commitment to global best practice in applying sound corporate governance and risk management practices,” she said.
She said the bank’s audited financial statements for 2022 revealed that the bank’s profits had been eroded leading to a loss position of GH₵ 440.6 million.
“In compliance with the Bank of Ghana directive to suspend the declaration and payment of dividends and other distributions to shareholders, your bank will, therefore, not be in a position to recommend any dividend pay-out,” Ms Bawuah said.
The Managing Director of Access Bank Ghana, Olumide Olatunji, noted that Access Bank was still committed to becoming a catalyst for socio-economic development in the country.
He noted that despite the external challenges, Access Bank continued to support the real sectors of the economy to drive growth, create employment and generate the needed vibrancy to support the rebound of the economy.
Approval
Meanwhile, the shareholders of the bank approved all resolutions on the agenda, which included the ratification of the appointment of Ms Bawuah as Board Chairperson, and the addition of four new directors to the Board, as well as the adoption of the 2022 audited financials presented by Ernst &????
Young, Chartered Accountants for the period.
The four new directors that were approved include one Non-Executive Director in the person of Oluseyi Kumapayi, and three Independent Non-Executive Directors in the persons of John Bayuo Warisa, Jacob Kwame Kholi and Prof. Elikem Nutifafa Kuenyehia.