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Access Bank UK profit rises to £2.3m

By on June 15, 2014

Access Bank United Kingdom Limited, a subsidiary of the Nigeria-based Access Bank Plc, says it has grown its profit after tax by 30 per cent to £2.3m for the year ended December 31, 2013.

According to a statement by the lender, its asset under management for its clients rises to $47.9m, indicating an increase of 131 per cent.

The statement said, “In 2013, the bank continued to grow the range of services provided by its private bank offering. This saw the assets under management for its clients rise to $47.9m, an increase of 131 per cent. Overall, the bank grew its profit after tax by 30 per cent to £2.3m. It has also achieved exponential growth of 83 per cent over the last three years.

The statement quoted Access Bank UK’s Chief Executive Officer, Mr. Jamie Simmonds, as saying, “We believe we have succeeded in the current financial climate where others have failed through our passion for customers built on relationship and not a transactional approach.

“We offer services that include wealth and asset management, business banking, trade finance and personal banking. This achievement owes a great deal to the strong partnership that we have with our parent company, as evidenced by our joint support of the Access Bank Day at Ham Polo Club.

“Building long term and mutually beneficial relationships with our customers has been key to our development and is an approach we will continue with the aim of creating the most profitable African bank in the UK, and greatly expanding our contribution to the group performance.”

The lender said it had supported the United Nations International Children Education Fund through the Access Bank Charity Shield polo matches in Nigeria that had run for the past five years in conjunction with Fifth Chukker.

According to the bank, the sponsorship provides a platform for supporting orphans and vulnerable children in the country.

Three years ago, the bank said it extended the platform to the UK and would be hosting Access Bank Day at Ham Polo Club in the UK.

The bank and Fifth Chukker have raised over N100m (£380,000) for UNICEF.

The statement quoted the Access Bank Group Managing Director, Mr. Herbert Wigwe, as saying that the aim of the event at Ham Polo Club was to raise further awareness of the issues and support required.

Wigwe said, “Our support for the Fifth Chukker UNICEF initiative comes from the fact that we are conscious of our role as a change agent in Nigeria that can help to institute socio- economic development through responsible business practice and environmental considerations. We are part of the community and as such should support its wellbeing.”

 

 

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