Spring 2020 Issue
The Access Bank UK: offices in the heart of the City of London
staff turnover rate reflects in part the advances we have made in training and development.” The bank is currently working in partnership with the Chartered Institute of Personnel & Development (CIPD) programmes. The bank has demonstrated significant allround growth in 2018, achieving and exceeding targets for all the main objectives. Operating income was up 47 percent year-on-year to £53m, with all four strategic business units performing well. Pre-tax profits overall grew
significantly by 50 percent to £33m and the pre-tax return on equity rose to 18.3 percent, up from 16.6 percent in 2017. Income from the bank’s Trade Finance operation grew by 20 percent year-on-year to £23.7m, of which £9.3m was correspondent banking, representing annual growth of 45 percent. Commercial banking had another exceptional year, with income growing by 90 percent to £21.9m, while asset management income rose by 13 percent to £1.7m. CFI.co | Capital Finance International
The bank completed the return of the initial investment to establish the operation in Dubai a year earlier than anticipated. Income of £2.1m represents year-on-year growth of 213 percent in its second full year of operation. Herbert Wigwe said: “The completion of the first decade of trading was one of the year’s major milestones. The bank has earned a reputation for innovation and flexibility, outperformed its targets and, thanks to the enduring strength of its customer relationships, has built the foundations for its continued progress.” i 69