According to the report issued by Agusto & Co, Access Bank achieved
this by actualising a good liquidity position, satisfactory capitalisation as
well as improved risk management framework, which had a positive impact on
asset quality.
The rating agency stated in its report that the bank’s extensive
network of 310 branches and cash centres has created improved visibility among
the banking population and has translated to a significant market share across
the key market indicators. Non Performing Loans to gross loans ratio stood at
2.4 per cent – the lowest recorded in the last five years and compares
favourably with the industry average of 3.6 per cent.
The report further states that, “Access Bank’s improved rating further
corroborates the bank’s enhanced capacity to execute larger transactions as
well as access long-term funding from local and foreign multilateral agencies
and institutions.”
This was further confirmed in the successful Tier II capital of $400
million Eurobond recently raised by the bank. According to the statement, this
will provide sufficient headroom for the bank to achieve its targeted 20 per
cent asset growth in 2014.
The Group Managing Director of Access Bank Plc, Herbert Wigwe, reacting
to the rating, said the feat was an affirmation of the bank’s strong liquidity
and funding position, which is also a confirmation of its position as one of
Nigeria’s foremost Tier I banks.
He further stated that the upgrade was yet another testament to the
bank’s continued focus on sustainable banking and a reminder of its commitment
to becoming the world’s most respected African bank.
Wigwe expressed his gratitude to members of staff for their steadfast
contribution to the growth of the bank.
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