Page 73 - ACCESS ANNUAL REPORT 2019

Financial Report
The financial results for the year ended 31 December 2019 are as follows;
In thousands of Ghana Cedis
The Group
The Bank
Profit before tax
220,085
220,085
from which is deducted:
ationa fisca sta i isation evy of
(11,004)
(11,004)
Income tax expense of
(35,377)
(35,377)
Leaving a net profit after tax of
173,704
173,704
Added to a balance of
(38,621)
(39,642)
less transfers to credit risk reserve
(40,622)
(40,622)
less transfers to statutory reserve
(86,852)
(86,852)
gives a surplus on income surplus account carried forward of
7,609
6,588
In accordance with Section 34 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) an amount of G , 51, 9 was transferred to the statutory reserve fund from the income surplus, bringing the cumulative balance on the statutory reserve fund to G 2 1,053, 09 at the year end.
The board of directors do not recommend the payment of dividend for the year ended 31 December 2019.
Register of directors’ interest
The Board of Directors maintain a current register documenting their interest in other companies. During the year under review, no con ict o interest situation was disclosed by a Director.
The directors’ interests in the issued ordinary shares of the Bank at 31 December 2019 is as follows:
Directors' Interests in Contracts
The directors have no material interest in contracts entered into by the Bank.
Nature of Business
The Bank is authorised by Bank of Ghana to carry on the business of universal banking.
Subsidiaries
The Bank has two wholly owned subsidiaries; Big Ticket Holdings Limited (BTH) and Triumph Properties Limited (TPL). BTH operates as a leasing company. TPL is dormant.
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Name Number of Shares
Mr. Ogundimu Oludolapo 10,000
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