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Access Bank targets oil and gas industry in 2011 fiscal year

Access Bank (Ghana) will this year focus on financing the oil and gas industry as the sector represented a major growth pole in the economy.

“The focus of the bank for 2011 is more on oil and gas because about 15 per cent of GDP is driven by that sector and therefore an opportunity for us to be a major player,” Mr Yomi Akapo, the Country Managing Director said in Accra.

In addition, the bank will also leverage its strength in corporate banking by targeting multinational companies and well structured Ghanaian companies, he said during a press briefing on the 2010 performance of the financial entity.

The bank posted gross earnings of GH¢ 28 million with profit after tax of GH¢ 8.5 million.

The bank’s total assets grew by 109 per cent to GH¢ 198.0 million while its customer deposits grew by an impressive figure of 1,216 per cent to GH¢ 91.8 with loans and advances amounting to GH¢ 18.0 million.

“It is with great pleasure that Access Bank reports phenomenal growth in its profitability and performance ratio in its 2nd year of operations. After posting profit in its first year of operation (six months) in 2009, our bank has maintained its strategy of balance sheet expansion and healthy lending culture,” Mr Akapo said.

He said the bank continued to deploy its value chain strategy and one-bank customer proposition to expand its market share of high quality assets and low cost deposits.

This, he said, had paid off considerably, contributing significantly to shaping the banks business in Ghana and supporting the overall group strategy of ranking among the top three financial services group in Africa.

The bank, which is one of the most capitalised banks in the country, starting with an initial capital well over regulation requirement is aiming at increasing its capital to GH¢ 100 million.

This according to the countrys Managing Director is designed to position the bank to actively partake in Ghana’s oil industry.
http://news.myjoyonline.com/business/201104/63736.asp

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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