UK subsidiary shows further growth in 2014
As part of its continued support of UNICEF, Access Bank Group (https://www.accessbankplc.com), along with 5th Chukker, The Access Bank UK and Access Private Bank hosted the ‘Access Bank Polo Day’ at the Guards Polo Club, Windsor on Saturday June 13.
This follows last month’s high-profile Access Bank/UNICEF Charity Shield Polo tournament, which is in its eighth year. Held in Nigeria it is the biggest charity polo tournament in Africa.
Access Bank’s sponsorship provides a platform for supporting orphaned and vulnerable children in Nigeria, with the Bank and Fifth Chukker.
Since the UNICEF/ACCESS Bank initiative was started it has rebuilt two schools in Kaduna in Northern Nigeria and kept over 2750 students in continuous education simultaneously developing new school blocks, a computer literacy building all in a more secure and friendly school environment. The communities surrounding the schools are being supported with bore-holes for water, sewing and grinding machines to secure employment and stimulate economic and social development.
The UK event was organised by The Access Bank UK Limited which has just published its Report and Financial Statements for the year ended December 31, 2014. These show impressive growth indicators including an increase in operating income of 37% from 10.9-million in 2013 to £15-million. The Bank’s profit before tax grew by an outstanding 138% to £5-million. The latter reflects the growth in trade finance and also asset management activity by Access Private Bank. Assets under management for 2014 were £34-million, which is a year on year rise of 12.2%, while total Private Bank customer funds were £46-million, a rise of 16% on the previous year.
The Bank also saw a significant increase in net interest income of 94% to £6.4-million as a result of the growth in loans to correspondent banks and customers. As The Access Bank UK’s Chief Executive Officer and Managing Director, Jamie Simmonds, highlights “this has been achieved while still operating within the moderate risk appetite set by the UK board”.
Further new products, such as UK fixed term deposits, were also introduced by the Bank in 2014.
Commenting on the figures, Jamie Simmonds adds:
“Our second five-year plan began in 2014 and we achieved our aims and outperformed projections for the year. As at 31 December the Bank had a high capital adequacy ratio and liquid buffer assets significantly in excess of the minimum regulatory requirements. It is our intention that these will continue to be maintained at satisfactory levels in the future.
“This has been a transformational year for the Bank as we have continued to grow the business based on the firm foundations that we have established and also diversify our income streams to ensure sustainable performance. We believe we have succeeded in the current financial climate where others have failed through our focus on establishing strong relationships with all our customers.
“Our achievements owe a great deal to the strong partnership that we have with our parent company, as evidenced by our joint support of the fourth Access Bank Day at the Guards Polo Club in Windsor.”
Access Bank Plc Group Managing Director Herbert Wigwe highlighted that the aim of the event at the Guards Polo Club is to raise further awareness of the issues and support required.
He explained: “Our support for the Fifth Chukker UNICEF initiative comes from the fact that we are conscious of our role as a change agent in Nigeria that can help institute socio-economic development through responsible business practice and environmental considerations. In addition, we are continually seeking ways through which more resources can be pooled towards supporting the children. We are part of the community and as such should support its wellbeing.”
Distributed by APO (African Press Organization) on behalf of Access Bank Plc.
