Dubai – MENA Herald: The Access Bank UK, the largest trade finance Nigerian Bank in the United Kingdom, recently released the Annual Report and Accounts for 2015 entitled “Where Relationships Matter”. The report which focuses on building strong relationships with customers, revealed a 31 percent year-on-year increase in operating income to AED 95.4 million (£19.7m), a 71 percent rise in pre-tax profit to AED 41.6 million (£8.6m) and a 13.2 percent return-on-equity, up from 8.5 percent in 2014. The total assets on the balance sheet increased by 32 percent year-on-year to AED 2.9 billion (£615m) with customer deposits increasing to AED828.5 million (£171.1m) as the Bank continued to broaden and strengthen its liabilities.
Commenting on the results, Jamie Simmonds, CEO at The Access Bank UK said, “Financially, we have had a very successful year with our trade finance and commercial banking businesses surpassing expectations and generating revenues of AED 66 million (£13.63m) and AED 20.3 million (£4.19m), respectively. As a mark of our commitment to the region, we opened an office in Dubai last year to encourage trade and investment activities between the UAE and Sub-Saharan Africa. We will continue to serve our customers well, refuse to chase yield and will not compromise on our moderate appetite for risk. We have invested in future-proofing our technology systems and remain committed to supporting and developing our employees.”
In terms of asset management and private banking business, The Access Bank UK’s revenues grew to AED 5.6 million (£ 1.16m), representing a year-on-year increase of 167 percent and resulting in a profit of AED 1.13 million (£235k). This is the first year that the business has recorded a profit since its inception.
“Our commitment to our customers, supporting organizations and employees as well as a mindset to identify and invest in opportunities with moderate risk is what fuels the prosperity of The Access Bank UK”, Simmonds concluded.
Furthermore, in an effort to broaden the range of investor options, the private Bank developed and launched its execution-only portfolio services and grew its buy-to-let property book to AED 77.4 million (£16m), representing a year-on-year increase of 75 percent.
Speaking on behalf of the Group, Herbert Wigwe, Chairman and Non-Executive Director of The Access Bank UK said, “The Access Bank UK has become the business we always envisaged it would. Founded on a model of excellent service, strong customer relationships and a moderate risk appetite, it has grown income, increased profit and delivered a healthy return on equity. Importantly, it is adding value to Access Bank Group as a whole and enhancing the Group’s stature on the international stage.”
The continued interest from countries like the UAE to invest in Nigeria and Sub-Saharan Africa combined with strong customer relationships and a diversified base of income streams positions The Access Bank UK as a prime contender in offering superior service in trade finance, commercial banking, asset management and much more.
Financial performance summary
Increase in operating income to AED 95.4 million, up 31 percent
Increase in pre-tax profit to AED 41.6 million, up 71 percent
Increase in post-tax profit to AED 32.9 million, up 74 percent
13.2 percent return-on-equity, up from 8.5 percent in 2014
Increase in total assets to AED 2.9 billion, up by 32 percent year-on-year
The Access Bank UK Limited is regulated by DFSA as a Representative Office