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Access Bank registers ‘most successful results in 2015’

Jun 9, 2016, 10:51 AM | Article By: Mahamadou Camara

The annual report and financial statements of Access Bank Gambia Limited have indicated a “good performance” for the year ended-December 2015.

This was declared by Access Bank Gambia Limited’s board chairman and its managing director on Monday, at the bank’s annual general meeting (AGM) held at its conference room on Kairaba Avenue.

Despite the challenges and constraints faced by the Gambian economy during the period under review, the bank “successfully performed well in its provision of superior financial services”, when compared to the previous financial year, Access Bank Gambia Limited board chair Obinna Nwosu said at the AGM.

The bank, he further said, made a D65.7 million profit before tax in the year 2015, representing a 112 per cent increase from the profit registered in 2014, which was D30.9 million.

He said the bank’s total assets grew by 9 per cent from D1.18 million at end-December 2014 to D1.29 billion at end-December 2015.

This, he noted, was well carved out by the entire management team and staff under the leadership of the MD and CEO.

“This achievement is clearly as a result of the high level of professionalism and commitment demonstrated by management and staff towards attaining goals in delivering superior value of service to our customers.

“I would take this opportunity to congratulate the entire management and staff under the leadership of MD/CEO Mr David Oludare Aluko for their tremendous team spirit towards achieving targets and objectives set by the board of directors,” Mr Nwosu said.

Mr Nwosu urged the management team not to rest on their laurels and to look forward to continue achieving higher objectives.

He also urged them to work as a family towards attaining the bank’s vision in becoming the world’s most respected African bank.

He went on to express “profound gratitude” to fellow members of the board of directors of the bank for their high-level of prudency in exercising oversight function in the management of the bank’s affairs and exceeding set objectives.

Also speaking on the occasion was David Aluko, the CEO and MD of Access Bank Gambia Limited, who said the year 2015 had turned out to be an “outstanding year” for the bank, which was able to continue building on its profitability trend from 2014.

“Access Bank Gambia is fully compliant with International Financial Reporting Standards (IFRS) which allows the bank to be at par with global institutions in terms of financial reporting,” MD Aluko said.

He added that the year had been “the most successful” year since the inception of the bank.

Despite several limitations and challenges that affected the Gambian economy in 2015, “this year could be highlighted as the most successful year since the inception of Access Bank Gambia Limited”, he announced.

The entire management team and staff were highly-motivated and keen to build on this trend in subsequent years, he added.

Speaking on the bank’s outlook for 2016, CEO Aluko also said that since the Gambian economy is expected to grow by 5.2 per cent in 2016 and real GDP is projected to grow by 0.8 per cent from 4.7 per cent in 2015 to 5.5 per cent in 2016, “the bank will continue to deploy series of growth strategies in order to grow low-cost deposit liability and put the bank on a higher pedestal of growth”.

He said the bank would endeavour to work with both the private and public sectors to continue to contribute towards the economic development of The Gambia.

“We will build on our past efforts and will not relent in our drive in achieving our vision to be the world’s most respected African bank.

“We shall continue to strive to become the most customer-friendly, efficient and respected financial institution in The Gambia,” he added.

He thanked their customers for their “continued loyalty and patronage”, as well as shareholders of the bank for their trust, confidence and patience in dealing with the bank.

During the AGM, which discussed other reports of the bank, directors of bank were re-elected, remuneration fixed, external auditors appointed, and the payment of dividends authorised.