Page 14 - ACCESS BANK ANNUAL REPORTS_eBook

CHAIRMAN’S STATEMENT

The year 2017 was an interesting period for the Bank. MACROECONOMIC REVIEW
Against the backdrop of an improving macro-economic
environment in the second half of the year, the Group de- For global financial markets and the global economy, 2017
livered strong results which showed its ability to generate was a year of progress. Though characterized by natural di-
sustainable earnings, backed by a commitment to effec- sasters and geo-political tensions, the year ended on a high
tive execution of strategy and clear management action. It note, as global GDP growth continued to accelerate over
was also a year when we took action to refocus our strategy much of the world in a broad cyclical upswing.
and to reposition the Group for the future. The progress we
achieved was made possible by hard work and relentless Global stock markets strengthened in 2017, fuelled by
commitment to deliver superior service to our customers. strong underlying growth and a recovery in investment from
increased capital spending which boosted internation-
With a solid foundation already in place, 2017 was dedicated al trade. The global oil price recovered in 2017, benefiting
to strengthening our management capabilities, improving from increasing demand around the world. Larger emerg-
our risk management framework, re-engineering our pro- ing market economies such as Argentina, Brazil, Nigeria and
cesses and technology and diversifying our businesses for Russia exited recession fuelled by continued monetary pol-
sustainable revenue generation. icy accommodation and fiscal stimulus.

On the domestic front, the Nigerian economy consolidat-
ed the exit from recession in 2017 recording 1.9% growth
in the fourth quarter. However, as would be expected, the
recessionary pressures did create some difficulty in some
sectors, leading to elevated NPLs. External reserves
climbed to a 3-year high; inflation slowed for the tenth con-
secutive month while oil prices advanced to levels not seen
since mid-2015. The year recorded a sustained bull run in
the equities market as we saw the largest capital inflow

The progress we
achieved was made
possible by hard work and
relentless commitment
to deliver superior service
to our customers

MOSUN BELO-OLUSOGA, FCA
CHAIRMAN

14 Access BAnk Plc
Annual Report & Accounts 2017