Oluchi Chibuzor writes on Access Bank Plc’s aggressive expansion drive in the continent
The recent revelation that Access Bank Plc is among the list of financial institutions from Africa and the Middle East that have expressed interest in the acquisition of Union Bank Plc and other African assets of Atlas Mara Group, a Pan-African banking group, is a cheering news.
Atlas Mara Limited, the London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond, it was gathered has received a number of approaches for its 49.97 per cent holding in Union Bank of Nigeria.
Indeed, listing Access Bank Plc among the suitors is a clear reflection of the resolve of the financial institution headed by Herbert Wigwe, its chief executive officer, not to relent in its aggressive expansion drive.
Access Bank: Leveraging debt recovery for sustainable growth Oluwatomisin Amokeoja
Access Bank Group Plc’s audited result showed an improvement in the non-performing loans (NPL) ratio. NPL improved from 5.80 per cent in 2019 to 4.30 per cent in 2020. The lower ratio reflected successful approach to loan recovery adopted by the Group which is fast gaining the reputation as Nigeria’s toughest loan recovery machine. The bank’s new investments in technology and rising commitment to Africa trade through the African Continental Free Trade Agreement (AfCFTA) scheme are lookouts to drive its new growth phase, writes GROUP BUSINESS EDITOR, SIMEON EBULU.
For banks and other financial institutions, creating quality loans is one way of staying in business. It not only guarantees sustainable profitability, it also ensures growth of the businesses it supports.
When people thought they had seen the best from Access Bank Plc, the financial institution has continued to break new grounds and over barriers as its Group Managing Director/Chief Executive Officer, Mr. Herbert Wigwe is not resting on the bank’s laurels. H is constantly thinking of how beat his own best record and he is sure doing well. At least the result is there for all to see. And should the bank continue on this path, many believe it looks certain to, Wigwe look certain to take the bank to the N200 billion PAT full year 2021 result is declared.
Goddy Egene
Access Bank delivered strong results in the first quarter (Q1) ended March 31, 2021 despite the challenging operating environment.
According to the results, the bank recorded gross earnings of N222.1 billion, which was an increase by six per cent, from N2029.8 billion posted in the corresponding period of 2020. Profit Before Tax (PBT) rose by 30 per cent to N60.1 billion, from N46.2 billion, while Profit After Tax (PAT) grew by 28 per cent to N52.6 billion compared with N40.9 billion in 2020 on the back of a 13 per cent growth in operating Income and a 16 per cent reduction in interest expense.
Commenting on the results, Group Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe, said the performance shoed the strong capacity of their business to generate sustainable earnings on the strength of their balance sheet, diverse revenue streams and their dedicated people.
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Tue Apr 27 2021
Access Bank Plc made bold its intentions in 2020 to play big on the African stage with a series of cross border acquisitions and now sustaining the momentum thus far in 2021.
In furtherance of this drive, Access Bank Plc last week entered into a definitive and binding agreement with ABC Holdings Limited to acquire 78.15 per cent shareholding in the African Banking Corporation of Botswana Limited (BancABC Botswana).
The transaction, which is subject to regulatory approvals and customary conditions precedent, is expected to close before the end of this quarter.
ABC Holdings is a subsidiary of London Stock Exchange listed group – Atlas Mara Limited.