Access Bank grows loan book
Access Bank has recorded an uptick in loans and advances for in the first half of year, compared to last year, though the bank remains conscious of market disturbances.
According to the bank’s unaudited summarised consolidated financial statements for the six month period ended 30 June 2022, loans and advances went up from P6.087 billion in the first six months of 2021 to P6.59 billion, an eight percent increase
“However in 2022 there has been reduced appetite for lending due increased interest rates,” said Access Bank Managing Director. Kgotso Bannalotlhe.
The loans and advances performance has also been cushioned by deposits that have grown by four percent compared to June 2021 from P6.51 billion to P6.74 billion.
“This shows resilience of our business as the market had limited liquidity in the first half of 2022,” said Bannalothle. The bank’s sound performance on the market comes on the backdrop of ongoing intergration into Access Bank Plc by the local subsidiary. “We have substantially completed upgrades to our core banking system, the remaining
months of the year will be focused on further enhancements of our customer value proposition and expansion strategy, particularly balance sheet optimization and increases to our distribution channels and product offering to our customers,” said Bannalothle.
So far the Bank has upgraded its’ core banking software systems, launched 55 new ATMs, and opened five new sales and service centres to bring banking closer to its current and future customers, rolled out 700 point of sales ( PoS) terminals, launched refreshed products aimed at customer acquisition as well as adding critical value proposition enhancements to its digital channels. Bannalotlhe is upbeat that new products, further enhancements, and new services such as agency banking are expected to be rolled out in the second half of the year. “The company considers transformation achievements to date to be satisfactory progress towards creating value for all stakeholders in the period ahead,” he said.