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Focus Goddy Egene with steady growth in financial performance, rapid expansion and drive, Access Bank Plc is moving to dominate and deliver better value to all stakeholders When Access Bank Plc merged with Diamond Bank Plc in 2019, it was in line with its vision “to be the world’s most respected African bank.” After the merging Access Bank became one of Africa’s largest retail banks by retail customer base. With over 900,000 shareholders (including several Nigerian and International Institutional Investors), the bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 12 years and going by its latest financial performance and strategies, Access Bank Plc is on its way to dominate the African continent in the very near term. ....
Access Bank: Leveraging Retail banking, African Expansion for Growth On Kindly Share This Story: Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent. By Babajide Komolafe The resilience of the Nigerian banking industry in the face of economic recession triggered by the COVID-19 pandemic is reflected in the financial performance of Access Bank Plc for the year ended December 2020. In a pandemic ravaged year that saw the global economy contracting by about 4.3 per cent and the Nigerian economy suffering 1.92 contraction, Access Bank was able to record significant increase in revenue and profitability. ....
Access Bank has been driving its revenue growth through retail expansion, driven by a strong focus on consumer lending, payments and remittances, as well as customer acquisition at scale, writes It is no secret that achieving revenue growth in an earnings-constrained and ever-increasing competitive environment remains a major challenge for traditional banks globally. The situation was further worsened by the outbreak of the COVID-19 pandemic which has also led to an increased incursion by financial technology (fintech) players into the financial services segment. According to a report by Deloitte, a global professional services firm, as the low interest rate regime and new regulations continue to strangle traditional sources of risk-based and fee income, many once-attractive customer relationships are generating less revenue, causing some to become unprofitable. ....
Goddy Egene writes that Access Bank overcame the rigours of merging with Diamond Bank, survived the headwinds in 2020, to record an improved bottom-line and declared higher dividend Last year when the Covid-19 pandemic was ravaging the world, investors in Nigeria were highly apprehensive over what would become of their investments at the end of the year. The lockdown that brought economic activities to halt further raised the anxiety among many. It was expected that the performance of companies would be impacted negatively and thus, returns on investments would equally be affected. However, most of the companies, including banks, have shown resilience and delivered improved results despite the challenging operating environment. ....
•To focus on retail, African market Amid a harsh operating environment, Access Bank Plc has announced gross earnings of ₦764.7 billion in its 2020 operations, against N666.75 billion recorded in the corresponding period in 2019. The bank’s audited result for 2020 showed gross earnings of N764.7 billion, representing 15 per cent increase when compared to N666.75 billion achieved in the corresponding period in 2019. Profit Before Tax (PBT) stood at ₦125.9 billion while non-interest income also rose by 112 per cent to ₦275.5 billion within the same period. x Group Managing Director of the bank, Herbert Wigwe said the institution’s resilience is testament to the effectiveness of its strategy and capacity to generate sustainable revenue. ....