Access Bank grows assets by GHS 3.8bn YoY
Access Bank Ghana for the period between Q3 2021 and Q3 2022 (year-on-year basis), grew its total assets value by GHS 3.8bn.
A careful examination of the bank’s Q3 2022 Financial Statements, reveals that the bank for the review period grew its total assets value from GHS 6.77bn in Q3 2021 to GHS 10.61bn in Q3 2022.
Mainly accounting for the surge in the bank’s total assets value were its investment securities and cash and cash equivalents.
Per the Q3 2022 Financial Statement of the bank, value of investment securities rose from GHS 2.50bn in Q3 2021 to GHS 5.15bn in Q3 2022.
Value of Access Bank’s cash and cash equivalents also rose from GHS 1.20bn to GHS 2.21bn within the review period.
Liabilities of the bank driven mainly by deposits from customers, grew from GHS 5.50bn to GHS 9.17bn in Q3 2021 and Q3 2022 respectively.
Deposits from customers within the review period increased by over GHS 1.61bn hitting GHS 5.91bn at end-Q3 2022 from the previous figure GHS 4.29bn at end-Q3 2021.
Recorded profit for the review period remained almost the same as posted profit for Q3 2022 was GHS 214m, marginally above the GHS 213m profit recorded for Q3 2021.
Asset quality of Access Bank, witnessed significant improvement within the review period as the bank’s non-performing loans declined drastically from 12.99% to 3.08%.
The decline in the bank’s non-performing loans indicates robust loan recovery methods being used by the bank.
However, Capital Adequacy Ratio (CAR) of Access Bank within the review period declined from 30.41% to 23.30%.
Despite the drop in CAR, the bank’s 23.30% CAR remains well above the 13% minimum CAR required by the Central Bank of Ghana (BoG).
