Access Bank, for the year 2020, posted a total profit of Ghs 240 million.
The total profit recorded at the end of 2020 represents an increment in profit by some Ghs 67 million compared to the Ghs 173 million recorded in 2019.
The increment in profit was on the account of a significant increase in the bank’s interest income (interests charged on loans to customers and other banks) which amounted to Ghs 639 million at the end of 2020 from Ghs 397 million recorded in 2019.
The gains recorded in the bank’s interest income was however, largely chipped away by the bank’s interest expenses (interests given on customers’ deposits as well as those paid on debts accrued to the bank) which stood at Ghs 264 million at the end of the year.
Access Bank in the year under review (2020) will be paying an increase in dividends to shareholders. They will receive an extra Ghs 0.36 pesewas on the back of the increase in profit. Shareholders will be paid Ghs 1.36 pesewas for 2020 as against the Ghs 1 paid at the end of 2019.
Access Bank for the period under review, witnessed an increase in its total assets value from Ghs 4.7 billion in 2019 to Ghs 5.8 billion in 2020.
The recorded increment in the bank’s total assets value, was on the account of increased investment securities held by the bank as well as loans and advances made to customers.
Total liabilities according to the bank’s 2020 Financial Statement, increased from a previous amount of Ghs 3.9 billion end-2019 to Ghs 4.7 billion end-2020.
Also, the bank’s loan asset quality slightly improved as its NPLs recorded end-2020 saw a decline by 3.1 percent. NPLs end-2020 was 18.5 percent from 21.6 percent in 2019.
The bank’s Capital Adequacy Ratio (CAR) was also high above the regulatory requirement of 13 percent at 36.43 percentage.
