Access Bank posts GHS 8.7bn assets value; GHS 310m gross profit for Q2 2022

For the review period, the bank’s investment securities and loans and advances grew from GHS 2.4bn to GHS 4.3bn and GHS 1.2bn to GHS 1.5bn in Q2 2021 and Q2 2022 respectively.

Total assets value of Access Bank Ghana Plc for the period ended June 2022, was GHS 8.7bn.

Compared to the GHS 6.9bn total asset value recorded same period last year, the new asset value marks an increase of GHS 1.8bn.

Accounting for the increase in the bank’s total asset base were its investment securities, loans and advances, cash and cash equivalents.

For the review period, the bank’s investment securities and loans and advances grew from GHS 2.4bn to GHS 4.3bn and GHS 1.2bn to GHS 1.5bn in Q2 2021 and Q2 2022 respectively.

For cash and cash equivalents, the bank witnessed an increase from GHS 1.4bn to GHS 1.7bn in Q2 2021 and Q2 2022.

Also recording some level growth or increase, was Access Bank’s liabilities which grew from GHS 5.7bn in Q2 2021 to GHS 7.1bn in Q2 2022.

Mainly accounting for the increase or growth in the bank’s liabilities were deposits from customers, deposits from other banks and loans taken by the bank itself.

Deposits from customers, deposits from other banks and loans taken by the bank amounted to GHS 4.7bn, GHS 908m and GHS 1.1bn respectively.

Gross Profit of the bank at end-Q2 2022 amounted to GHS 310m driven mainly by growth in net operating income.

Net profit for the review period amounted to GHS 202m. Earnings per share for Q2 2022 based on the posted net profit is GHS 1.16.

With the exception of the bank’s liquidity ratio which recorded a significant decline (from 172% to 93%), financial soundness indicators of the bank such as the Capital Adequacy Ratio (CAR) and Non-Performing Loans (NPLs) recorded significant improvement.

Access Bank’s CAR grew from 28.24% in Q2 2021 to 37.23% in Q2 2022 signifying increased ability of the bank to absorb bad loans.

Due to robust loan recovery strategies by the bank, Access Bank managed to reduce its NPLs from 15.01% in Q2 2021 to 3.49% in Q2 2022.

Source:norvanreports
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