Access Bank’s Q3 2023 report shows remarkable growth in net profit and asset expansion
Access Bank Ghana Plc has released its financial results for the third quarter of 2023, demonstrating a robust financial performance and noteworthy achievements across various key metrics.
Access Bank reported a net profit of GHS 455 million for Q3 2023, marking a substantial increase of GHS 145.9 million compared to the previous year’s net profit of GHS 309.6 million. This impressive growth underscores the bank’s adept management and strategic decision-making.
A pivotal driver behind the bank’s remarkable profit growth is the surge in operating income, which ascended from GHS 680 million in Q3 2022 to an impressive GHS 1 billion in the corresponding period of 2023. This surge underscores the bank’s effective revenue generation strategies.
The bank’s total assets witnessed substantial growth, surging from GHS 10.5 billion in Q3 2022 to GHS 11.5 billion in Q3 2023, indicating an impressive GHS 1 billion increase in asset value year-on-year.
Access Bank’s asset expansion was predominantly underpinned by a notable surge in cash and cash equivalents, which climbed from GHS 2.2 billion to GHS 2.5 billion. Additionally, loans and advances to customers experienced substantial growth, rising to GHS 2 billion from GHS 1.8 billion within the review period, reflecting a solid lending strategy.
Access Bank’s liabilities concurrently grew to GHS 10 billion in Q3 2023 from GHS 9.1 billion in the same period of the previous year. A significant portion of these liabilities arises from customer deposits, which reached GHS 8.5 billion, an impressive growth from the GHS 5.9 billion recorded in Q3 2022.
The bank’s commitment to credit quality is evident in its improved loan asset quality. The non-performing loan (NPL) ratio fell marginally to 3.06% in Q3 2023, down from 3.08% in Q3 2022.
Access Bank’s Capital Adequacy Ratio (CAR) stands at a remarkable 24.2% at the end of Q3 2023, significantly surpassing the industry benchmark of 14%. This robust CAR, compared to 23.3% in Q3 2022, emphasizes the bank’s strong capital base, ensuring resilience and stability in the face of economic challenges.