Absa Bank Ghana recorded an impressive all-round performance in 2021 financial year, as its revenues for the financial year surged by 17 per cent.
This was revealed in a statement issued by the Absa Bank Ghana. According to the bank’s statement, the bank’s year on year profit before tax and return on equity grew by 55 per cent and 6.6 per cent respectively. This, it said reflect prudent cost and capital management by the Directors of the bank.
“The bank’s [Absa Bank Ghana] profits before tax (PBT) increased by 55 Year-on-Year to GH¢1.1 billion with revenues jumping by 17 per cent to GH¢1.6 billion, driven by capital retention, strong liability growth and good growth in loans and advances.”Absa Bank
The statement further stated that the bank saw a 35 per cent reduction in impairments by the year under review. Meanwhile, the statement also revealed that customer assets grew by seven per cent to GH¢4.8 billion, while customer deposits rose by 22 per cent to GH¢ 7.9 billion.
This impressive performance of the bank, according to the statement was supported by an active adoption of digital channels by the bank’s dynamic base of clients and customers. It added that the emerging recovery of the Ghanaian economy in 2021, from a difficult position the previous year, was also a key factor in the improvement in revenues.
“The results demonstrate a concerted effort by Absa Bank to grow and maintain an efficient and resilient organisation, support its customers and clients while investing in relevant parts of the business to ensure sustainable growth.”Absa Bank
Absa’s Participation in Improving Economy During COVID-19 Improves the Bank’s Performance
The statement noted that the impressive performance comes on the back of a return to normal activity by the Ghanaian economy after a challenging 2020 due to the COVID-19 pandemic. However, it added that the difficulties created by the COVID-19 pandemic decline in 2021 following improved levels of economic activity across key sectors. “Absa Bank’s active participation in the improvement of the Ghanaian economy through its transactional banking segments supported this performance.”
Commenting on the performance of the bank, the Managing Director, Abena Osei-Poku, expressed her satisfaction about the performance. “The results reflect a return to medium term growth driven by the recovery of the Ghanaian economy in 2021 from a challenging position in 2020 due to the COVID-19 pandemic. I am excited by what we have achieved as a business in supporting the key growth sectors of the Ghanaian economy, empowering individuals, and businesses to bring their possibilities to life.”
The Managing Director appreciated the team and iterated the commitment of the bank in adopting digital solutions to make banking with Absa convenient for customers.
“I am grateful to the Board, Management team and colleagues, who are always willing to go above and beyond to ensure success for this business. We remain focused on adopting dynamic and modern digital and data-driven solutions to make the lives of our customers and clients easy and convenient. We shall also continue investing in our communities and promoting the sustainability of the environment in which we operate.”Absa Bank