Access bank Looks Forward to getting 30% profit outside Nigeria so as to expand to 8 new African countries

Access Bank Plc which is one of Nigeria’s largest banks has mentioned that it is looking forward to getting 30% profit outside Nigeria.

Recently, Access Bank Plc was approved to become a holding company and now, it is looking forward to its branch in the African country and Uk unit to generate 25-30% of profit before tax in the next 3 to 5 years from 21% Q3.

According to the report from Bloomberg, the news was made known to the public via a Whatsapp response from the bank to questioning.

The bank also mentioned that the growth which is expected for its pre-tax profit is also expected for assets, deposits, and revenue.

Access Bank Plc is currently operating in 12 countries and still planning to expand the bank in 8 new African markets by building offices in some countries either by partnering with existing banks or deploying digital platforms to provide services to customers.

According to a report from Nairametrics,

Access Bank Plc joined the list of conventional Nigerian banks seeking to diversify and restructure its operations into a holding structure as it announced its Approval-in-Principle from the Central Bank of Nigeria (CBN) to restructure into a holding company.

According to the bank,

We see strong contributions from our key African markets, regional hubs, and our outside of Africa international business driven out of the UK.’’

It plans to grow its risk assets by 10% this year to provide support to customers whose businesses are benefiting from the coronavirus pandemic such as telecom and health companies.

Access Bank, Guaranty Trust Bank Plc, and Stanbic IBTC Holdings Plc, which are Nigeria’s biggest banks are planning to expand across Africa in other to boost its revenue after the pandemic and crash in crude oil price.

Conclusion

Access Bank Plc which is one of Nigeria’s largest banks has mentioned that it is looking forward to getting 30% profit outside Nigeria which is its home market.

This report was gotten from the bank via a WhatsApp questioning conversation and was disclosed to the piblic by Bloomberg.