Page 14 - ACCESS ANNUAL REPORT 2019

Our Industry
2018, strengthening our resolve to build a very ormida le wholesale and retail an in ranchise.
Dividends
Esteemed mem ers o Access Ban Ghana Plc, it is my duty to notify you that going by the Bank of Ghana’s directive, that is based on uncertainties posed by the Covid-19 pandemic, your bank is constrained from considering the payment of dividends this year and in the circumstances, your Board cannot recommend its payment this year.
As your Board complies with the directive, we are confident the seeds that have een planted will continue to bear better fruit over time, leading to the dividends payments soon.
My colleagues are grateful for your understanding and forbearance
Exciting Developments
Access Ban Ghana Plc achieved some reat milestones during the year and I would like to share some of these exciting happenings with you;
our Ban received enhanced certifications or ISO 2 001, ISO 22301 and PCIDSS standards, giving further testament to our commitment to providin exceptional experience to customers.
Your Bank created a new German and Chinese Business support desk to boost trade and close financin aps in the economy, whiles stren thenin its wholesale an in usiness.
Our financial inclusion drive received urther push with our on oin I E B3 A pro ramme with an additional disbursement of $250,000 from Savings at the Frontier (SatF), by MasterCard oundation and Ox ord Policy ana ement td OP .
The 2019 GITTA Awards recognized Access Ban Ghana Plc’s di ital an in products, Access Mobile App and Access Africa Money transfer, as the est in the industry. here were several other awards or our ’ Initiative and our CSR activities.
he financial per ormance o the an in industry improved si nificantly in 2019, a year a ter completion of the recapitalisation and regulatory re orms in the sector. his re ected in the rowth o the sector’s alance sheet si e and profita ility, resultin in improved ey financial soundness indicators. he industry recorded a stron rowth in total assets from GHc 105, 115 million in 2018 to GHc 129,064 million in 2019, funded mainly by deposits and si nallin a renewed confidence in the Ghanaian an in industry.
Currently, the sector is better positioned to underta e a more effective financial intermediation to support rowth in the Ghanaian economy. he outbreak and impact of the Covid-19, the shutdowns and slowdown in worldwide economic activity will surely test the industry’s new strength and resilience. otwithstandin these concerns, the industry remains committed to its goal of positive banks’ performance and is expected to pursue further, sound risk management practices in the enhanced re ulatory re ime.
Our Performance
Our 2019 performance was delivered against a largely improving external environment and the reshapin o our usiness to enerate diversified and sustaina le revenue sources. his is the third year of our current strategy, and our 2019 results re ect urther pro ress in the strate ic priorities we set for ourselves, after experiencing a hard hit from legacy debts and high impairments in the previous year.
As I described in my statement last year, we are almost at the end of this unpleasant path, working hard to reduce the impact o challen ed loans. Our revenues have started to grow at a rate greater than our costs; loan impairments have notably reduced, and underlyin profits have increased si nificantly.
e delivered a 20 rowth in profit or the year o GH¢220 million from GH¢72 million in 2018, though Gross Earning increased by a slower rate to G 2 million rom G 5 million. otal Assets witnessed a rowth o 33 to G . illion rom G 3.5 illion in 201 , while Customer Deposits increased to G 3 illion rom G 2.5 illion in
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driving sustainable
Annual Report
growth through innovation