2010 Access Bank Annual Report and Accounts

More documents

Recommendations

Info

Annual Report Introduction & Business Chairman & Chief Operating Our People Corporate Social Contents Overview Executive’s Review Review & Culture Responsibility Burundi Côte D’ivoire Democratic Republic Of The Congo Ghana Rwanda Sierra Leone The Gambia Zambia United Kingdom BUJUMBURA YAMOUSSOUKRO KINSHASA ACCRA KIGALI FREETOWN BANJUL LONDON LUSAKA Contribution to Group 2010 Services offered – Current Account (Bif, USD, Euro: Lodgment & Withdrawal – Term Deposit Account: Fortune Plus – Savings Account: Kazoza Saving – Credit Facilities: Overdraft, Term Loan, Time Loan, Importation Lines, Documentary Credit – Leasing – Visa Cards – Diaspora – Transfer Facilities: Foreign Transfers – Bank Guarantees: Letter Of Credit, Term Loan, Bid Bond, Custom Bond, Performance Bond, Advance Payment Guarantee, Time Loan, Bills Discounting Contribution to Group 2010 Services offered – Access PEL – Access Project – Call Deposit – Current Account – Savings Account – Call Deposit – Fixed Deposit Contribution to Group 2010 6 5 2 3 Services offered – Access Alerts – Savings Account – Current Account – Bullion/Cash Services – ATM – VISA Card – Western Union Transfer Contribution to Group 2010 0.6% -11.1% -3.3% 8.04% Number of branches Number of branches Number of branches Number of branches Employees Employees Employees Employees 114 121 70 108 Customer accounts Customer accounts Customer accounts Customer accounts 4,465 8,000 1,010 3,000 Services offered – Savings & Current Account – Access Advantage – Access Premier – Mpower Biz – Mpower Salary – Solo Account – Access Online – Visa Card and ATM Services – Treasury & Investment Services – Trade Finance – Cash Management – Lending Services Contribution to Group 2010 Contribution to Group 2010 Contribution to Group 2010 Contribution to Group 2010 Contribution to Group 2010 1.7% -0.4% -0.7% 0.03% -1.22% 7 4 5 3 3 Number of branches Number of branches Number of branches Number of branches Number of branches Employees Employees Employees Employees Employees 135 28 150 152 60 Customer accounts Customer accounts Customer accounts Customer accounts Customer accounts 6,890 8,593 16,640 5,505 1,079 Services offered – Current Account Individual – Current Account Corporate – Standard Saving Account – Solo Kiddies Account – E-Banking (SMS, Internet & Email) – Western Union – Foreign Operations & Funds Transfer – Central Clearing – Credit Risk Management/ Remedial Asset – Currency Trading/Treasury – Paying Tellers (Local & Foreign Currency Services offered – Savings A/C – Current A/C – ATM – Visa – Western Union Transfer – Solo A/C – Mpower Salary A/C – Access Advantage – E-statement – Access Alert – Investment Banking – Commercial Banking – Institutional Banking – Internet Banking Services offered – Current Account – Access Advantage Account – Mpower Biz Account – Call Account – Access Premier – Money Market Account – Savings Account – Kiddies Save Account – Savings Account - N/I (Islamic) – Term Deposits – Access Premier Plus – Collections Account – Domicilliary Accounts – Collection Domicilliary Account – Matured Term Deposits Services offered – Personal, Business, Online and Private Banking – Small Business Account – Institutional, Commercial and Internet Banking – Payments & Collections – Treasury – SMS/Email Alert – Accesspay – Visa Debit Card – Credit Card – M-Power Biz – Access Advantage and Premier – Solo – Standard Savings Account – Standard Current Account – Call Account – Fixed Deposit – Domicilliary Account Services offered – Trade Finance Service – Commercial Banking – Property Loans – Private Bank – Internet Banking – Current Account – Notice Deposit Account – Business Account – ATM – Savings Account 2 OF 2 Access Bank Plc Annual Report and Accounts 2010
Annual Report Introduction & Business Chairman & Chief Operating Our People Corporate Social Contents Overview Executive’s Review Review & Culture Responsibility Distinguished shareholders, it is with great pleasure that I welcome you to the 22nd Annual General Meeting of our Bank. I will be presenting to you a brief review of the major developments that have taken place in our local markets and in the wider global economy in which our Bank operates, as well as providing you with a summary of the Bank’s performance for the financial year ended 31st December 2010. In 2010, the bright signs of economic recovery that began to appear at the tail end of 2009 were overshadowed by the possibility of yet another financial crisis triggered by sovereign debt concerns in Greece, Spain, Ireland and Portugal. Emerging markets and developing economies however continue to outperform the global economic growth index. In Nigeria, real GDP grew at 7.78%, outperforming the prior year’s growth rate of 6.69% and indications are that this growth momentum will be maintained in 2011 due to high crude oil production levels and rising crude oil prices. However, inflation remained well above the Central Bank’s implied target range of 9.0% – 9.5%. The Nigerian financial system is on the path to recovery largely due to the various initiatives introduced by the Central Bank of Nigeria (CBN) in response to the Nigerian Banking sector crisis. Financial Performance This is our Bank’s first full year Profit and Loss Accounts since the adoption of 31st December as our year end. The period witnessed an appreciable level of macroeconomic stability due to the various policies instituted by the CBN, enabling our Bank to record a profit before tax of N16.1 billion for the Group, a remarkable improvement on our 2009 performance. Dividend The Board of Directors is recommending a final dividend of 30 kobo per ordinary share, subject to appropriate withholding tax. This is in addition to the interim dividend of 20 kobo per ordinary share paid at half year 2010. This brings the total dividend per ordinary share for the 2010 financial year to 50 kobo. Subsidiaries Following the Central Bank’s repeal of the Universal Banking Guidelines, Access Bank Plc has received the CBN’s approval in principle for its Compliance Plan to bring its operations into conformity with the provisions of Central Bank of Nigeria’s Regulations on the Scope of Banking Activities and Ancillary Matters. Our Bank will divest fully from its two nonbanking subsidiaries namely, United Securities Ltd and Access Securities and Investment Ltd, and integrate the operations of its mortgage banking subsidiary, Access Homes and Mortgages Limited, into its Retail Banking Division. The decision to exit our non-banking subsidiaries was taken following a rigorous evaluation of the impact of the divestment on our long term performance objectives. By opting to divest from our non-banking subsidiaries, we have chosen to focus on our core commercial banking operations which account for over 98% of our earnings. In arriving at this decision, consideration was given to the growing global and local concerns regarding the regulation of Universal Banks and we found it prudent to be insulated from the regulatory challenges which Universal Banks will face in future. In view of the measures of best practice that Access Bank has undertaken in the past, the Bank is confident that its transition to operating under an international banking licence will be smooth and seamless. Our subsidiaries in Ghana, Rwanda, Zambia, and the United Kingdom continue to perform creditably whilst the macroeconomic conditions in other countries hosting our operations, most particularly Cote D’Ivoire, have not been beneficial to our business model. Going forward, the Board of Directors and Management have established minimum performance targets for all our Banking subsidiaries to ensure the future performance of each subsidiary is profit additive. Board of Directors and Human Capital Development During the year, Dr. Dewunmi Desalu resigned from the Board of Directors. We are most appreciative of his contributions to the Bank during his period of service and wish him continued success in his endeavours. Our employees are the heart of our business, and we continue to improve on our ability to recruit the brightest people in the industry and develop them through exposure to international best practices. This helps to ensure that the Bank is able to sustain its ability to create value for all its stakeholders. Corporate Governance and Risk Management Access Bank continues to ensure strong adherence to best practices in corporate governance premised on the independence and separation of the Board supervisory responsibilities from the management framework. Our governance standards are not limited to the requirements of local statutes and regulations. Your Board of Directors has taken the initiative to adopt in certain areas, governance standards that are higher than required by local code and regulatory requirements. 1 OF 5 Access Bank Plc Annual Report and Accounts 2010
Page 1 and 2: Annual Report Introduction & Busine
Page 9: Annual Report Introduction & Busine
Page 29: Annual Report Introduction & Busine

2010 Access Bank Annual Report and Accounts

Create successful ePaper yourself

Delete template?

Save as template?