Access Bank Records Decline in Net Profit as Assets Grow to GHS 16.5 Billion
Access Bank Ghana recorded a year-on-year decline in profit-after-tax, dropping from GHS 618 million in 2023 to GHS 536 million in 2024, despite a significant increase in gross interest income. The bank’s gross interest income surged from GHS 1.27 billion in 2023 to GHS 1.78 billion in 2024.
The decline in net profit was primarily driven by a reduction in profit-before-tax, which fell from GHS 1.03 billion in 2023 to GHS 959 million in 2024. However, this decline had minimal impact on the bank’s total asset value, which increased from GHS 12.3 billion in 2023 to GHS 16.5 billion in 2024.
The growth in total assets was attributed to a rise in cash and cash equivalents as well as loans and advances to customers. Cash and cash equivalents grew from GHS 2.65 billion in 2023 to GHS 3.94 billion in 2024, while loans and advances increased from GHS 2.34 billion to GHS 3.69 billion over the same period.
Similarly, the bank’s liabilities rose from GHS 10.9 billion in 2023 to GHS 14.8 billion in 2024, largely driven by an increase in customer deposits, which stood at GHS 13.04 billion at the end of 2024 compared to GHS 9.12 billion in 2023.
The bank’s shareholders’ equity also improved, rising from GHS 1.40 billion in 2023 to GHS 1.75 billion in 2024.
In terms of loan asset quality, Access Bank Ghana experienced a notable improvement, with non-performing loans (NPLs) declining from 3.9% in 2023 to 2.08% in 2024.
This remains significantly lower than the industry’s average NPL ratio of 22.6%.
However, the bank’s Capital Adequacy Ratio (CAR), which measures its solvency, declined from 23.47% in 2023 to 19.22% in 2024, reflecting potential adjustments in its risk management and capital allocation strategies.
