Commitment to Customer Service Results in 31% Growth in Operating Profit: The Access Bank UK Limited

The Access Bank UK, the largest trade finance Nigerian Bank in the United Kingdom, recently released the Annual Report and Accounts for 2015 entitled “Where Relationships Matter”. The report which focuses on building strong relationships with customers, revealed a 31 percent year-on-year increase in operating income to AED 95.4 million (£19.7m), a 71 percent rise in pre-tax profit to AED 41.6 million (£8.6m) and a 13.2 percent return-on-equity, up from 8.5 percent in 2014. The total assets on the balance sheet increased by 32 percent year-on-year to AED 2.9 billion (£615m) with customer deposits increasing to AED828.5 million (£171.1m) as the Bank continued to broaden and strengthen its liabilities.

Commenting on the results, Jamie Simmonds, CEO at The Access Bank UK said, “Financially, we have had a very successful year with our trade finance and commercial banking businesses surpassing expectations and generating revenues of AED 66 million (£13.63m) and AED 20.3 million (£4.19m), respectively. As a mark of our commitment to the region, we opened an office in Dubai last year to encourage trade and investment activities between the UAE and Sub-Saharan Africa. We will continue to serve our customers well, refuse to chase yield and will not compromise on our moderate appetite for risk. We have invested in future-proofing our technology systems and remain committed to supporting and developing our employees.”

In terms of asset management and private banking business, The Access Bank UK’s revenues grew to AED 5.6 million (£ 1.16m), representing a year-on-year increase of 167 percent and resulting in a profit of AED 1.13 million (£235k). This is the first year that the business has recorded a profit since its inception.

“Our commitment to our customers, supporting organizations and employees as well as a mindset to identify and invest in opportunities with moderate risk is what fuels the prosperity of The Access Bank UK”, Simmonds concluded.

Furthermore, in an effort to broaden the range of investor options, the private Bank developed and launched its execution-only portfolio services and grew its buy-to-let property book to AED 77.4 million (£16m), representing a year-on-year increase of 75 percent.

Speaking on behalf of the Group, Herbert Wigwe, Chairman and Non-Executive Director of The Access Bank UK said, “The Access Bank UK has become the business we always envisaged it would. Founded on a model of excellent service, strong customer relationships and a moderate risk appetite, it has grown income, increased profit and delivered a healthy return on equity. Importantly, it is adding value to Access Bank Group as a whole and enhancing the Group’s stature on the international stage.”

The continued interest from countries like the UAE to invest in Nigeria and Sub-Saharan Africa combined with strong customer relationships and a diversified base of income streams positions The Access Bank UK as a prime contender in offering superior service in trade finance, commercial banking, asset management and much more.

Financial performance summary

o Increase in operating income to AED 95.4 million, up 31 percent
o Increase in pre-tax profit to AED 41.6 million, up 71 percent
o Increase in post-tax profit to AED 32.9 million, up 74 percent
o 13.2 percent return-on-equity, up from 8.5 percent in 2014
o Increase in total assets to AED 2.9 billion, up by 32 percent year-on-year

The Access Bank UK Limited is regulated by DFSA as a Representative Office

About Access Bank plc
Access Bank Plc is a full service commercial Bank operating through a network of 366 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom. Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various markets through 4 business segments: Personal, Business, Commercial and Corporate & Investment banking.

The Bank has over 830,000 shareholders including several Nigerian and International Institutional Investors and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last ten years ranking amongst Africa’s top 20 banks by total assets and capital in 2011.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant

About The Access Bank UK Ltd
The Access Bank UK Limited is a wholly-owned subsidiary of Access Bank Plc, a Nigerian Stock Exchange listed company. The Access Bank UK Limited was established to provide customers in the UK and in Africa with a broad range of business and personal banking services. These include trade finance, treasury services, business and personal banking together with private banking and wealth management.

Our objective is to grow the international business of the Access Bank Group through excellence in customer service and innovative solutions in trade finance, commercial banking and asset management. We are authorized and regulated by the UK’s Prudential Regulation Authority and Financial Conduct Authority (PRA and FCA) and are therefore in a strong position to support opportunities in Organisation for Economic Co-operation and Development (OECD) markets for Access Bank Group customers. At the same time, our position as Access Bank Group’s OECD operational hub supports the flow of investment into markets in Nigeria, Sub-Saharan and West Africa.

We have a strong base in the UK and abroad which allows us to stay in touch with our customers wherever they are in the world. Our Head Office is located in the heart of the City of London and overlooks the Bank of England and our Operations division is near Manchester. We also have an office in Lagos, Nigeria and in the iconic Gate Building of Dubai’s International Financial Centre.

The Access Bank UK has been voted as the Best Africa Trade Finance Bank in 2016 by Capital Finance International.

Joshua Mathias
Golin MENA
+97143323308
jmathias@golin.ae
Capricorn Tower, Floor 17,
Dubai, UAE

This release was published on openPR.