Page 385 - ACCESS BANK ANNUAL REPORTS_eBook

SUBSIDIARIES

The subsidiaries achieved commendable growth across key indices in 2017. Profit Before Task grew by 34% from N9.7
billion to N13.0 billion mainly due to retail bank campaign deployed across the subsidiaries, deployment of channels prod-
ucts, increased correspondent banking activities in the UK and increased transactional banking in the subsidiaries. Total
deposits grew by 42% from N603 billion to N868 billion while risk assets grew by 21% from N320 billion to N388 billion.

S/N SUBSIDIARIES LOCATIONS. KEY ACHIEVEMENTS IN 2017
1 Ghana i Launched the abusua akyede3 promo and other retail
campaign programmes
• Signed on over 100,000 accounts and
mobilized deposits in excess of N10.9 billion.

ii Deployed *901# and premium mobile banking app
• Signed on over 61,000 subscribers on USSD Banking and
16,669 subscribers on the mobile banking app

iii Launched ‘Solo dey Pap’ campaign at 5 major Universities
• Issued 16,000 new cards
• Acquired 5,000 new accounts

iv Increased brand visibility by opening 3 new branches and 1
re-location

2 UK i achieved Full banking Licence in Dubai.
The Dubai Representative Office was granted full Category 4
Branch permission in October 2017. This now enables Dubai
office to operate as an SBU to develop business in the MENA
Region.
ii Growth in Retail Deposits
Our UK based fixed rate retail savings products continued to
grow as a result of a targeted marketing strategy. They grew
from £179 million in January 2017 to £254 million in December
2017, an increase of 42%.

iii growth of execution only product for Private Bank
As the result of customer demand, we developed our new
execution only portfolio product. This attracted further Asset
under Management. As at 1st January, 2017 the number
of funded Execution Only Portfolios was 14 with a value of
£10,000,260. This increased during the year to 24 with a value
of £20,051,424, representing a 100% increase.

iv growth in Commercial banking products and profitability.
The Commercial Banking Division continued to expand its
product range to meet customer demand.

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Annual Report & Accounts 2017