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The Access Bank UK Limited The Access Report and Statutory Accounts 2019 Accounts and Statutory Report Expanding our horizons Africa’s gateway to the world Report and Statutory Accounts 2019 Unlocking opportunities Our established operations in London, Lagos and Dubai have the expertise, connections and critical mass to support customers in realising their ambitions of securing a foothold in Africa and, in particular, to maximise the enormous business potential that exists in Nigeria and Sub-Saharan Africa. The Access Bank UK Limited Report and Statutory Accounts 2019 1 The Access Bank UK’s (the Bank’s) main objective is to grow the international business of Access Bank Plc and the Group (our parent), using a combination of exemplary customer service, innovative solutions in Trade Finance, Commercial Banking and Asset Management and corporate governance that exceeds internationally-recognised standards. As we enter the second year of the Bank’s strategic plan, we remain committed to delivering value and sustainable growth to our parent and principal stakeholders. Contents Business Review Section Statutory Accounts Section 2019 Highlights 3 Strategic Report 1 Strategic Business Units Overview 4 Directors’ Report 5 Our Values 7 Statement of Directors’ Responsibilities 6 Our Business Model 8 Independent Auditors’ Report 7 Our Milestones 11 Statement of Comprehensive Income 11 Chairman’s Statement 12 Statement of Financial Position 12 Chief Executive’s Review 13 Statement of Changes in Equity 13 Business Segment Review 16 Statement of Cash Flows 14 Corporate Social Responsibility 18 Notes to the Financial Statements 15 Risk Management 20 Board of Directors 22 Five-Year Record 24 2 The Access Bank UK Limited Report and Statutory Accounts 2019 The Access Bank UK Limited Report and Statutory Accounts 2019 3 2019 Highlights Strong operational performance by main Strategic Business Units. Given clear mandate to develop the international interests of the Group. Awarded Best African Trade Finance Bank (International Finance) for the second consecutive year, Best Africa Trade Finance Bank 2019 (Capital Finance International) for the fourth consecutive year and Best Trade Finance Bank in West Africa (Global Trade Review). Continued growth and expansion in Sub-Saharan Africa and the MENA region. Decision to report in $ reduced currency risk exposure by up to 70%. Operating income increased 20% year-on-year to $85.2m. Operating costs increased 4% year-on-year to $28.0m. Pre-tax profits increased 30% year-on-year to $57.2m. Post-tax profits increased 27% year-on-year to $44.3m. 85.2 71.0 Operating Income ($m) Operating Costs ($m) We are authorised by the Prudential Regulation Our focus is on building long-term relationships, Authority (PRA), and regulated by the Financial and working collaboratively with our customers, Conduct Authority (FCA) and the Prudential to better understand their goals and develop $85.2m 46.6 $28.0m Regulation Authority, which puts us in a strong strategies that are specifically tailored to their needs. +20% +4% position to support opportunities in the We provide our employees with ongoing support 33.9 Organisation for Economic Co-operation and and development opportunities, which reflects in 30.2 26.9 28.0 Development (OECD) markets for Access Bank their dedication and professionalism. 24.7 Plc and the Group customers. As the parent’s The Bank is led by a team of accomplished 16.5 17.0 17.0 18.2 OECD operational hub, we support the flow of individuals committed to the delivery of superior investment into markets in Nigeria, Sub-Saharan financial solutions to businesses and individuals. and West Africa. We are also authorised by the Our staff have worked in the Sub-Saharan, West 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Dubai Financial Services Authority (DFSA) to run our African and international marketplaces, so offer Dubai operation – located in the Dubai International a wealth of knowledge and in-depth experience. Finance Centre (DIFC) – which enables us to assist with trade and investment requirements between Like our parent, the Bank is committed to developing Pre-Tax Profits ($m) Post-Tax Profits ($m) the United Arab Emirates (UAE) and a sustainable business model for the environment in Sub-Saharan Africa. which it operates. This is apparent in our moderate 57.2 appetite for risk, a passion for customer service and $57.2m $44.3m The Bank is a wholly-owned subsidiary of a commitment to working in close partnership with +30% 44.0 +27% 44.3 Access Bank Plc, a company listed on the our customers to forge long-term relationships 34.8 Nigerian Stock Exchange. with them. 28.4 22.9 We play a key role in Access Bank Plc and the Group’s 16.9 13.1 13.4 vision to be the world's most respected African bank. 10.6 8.2 6.5 As such, we refuse to chase unsustainable yields as a route to growth, but instead focus on the strength 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 of our customer relationships to develop the business in a measured and structured way. This growth derives from the strength of our relationship model, our ability to retain customers over the long term and our six core values: Excellence; Innovation; Professionalism; Passion for customers; Empowered employees; and Leadership. You can find out about Our Values in more detail on page 7 of the Business Review. 4 The Access Bank UK Limited Report and Statutory Accounts 2019 The Access Bank UK Limited Report and Statutory Accounts 2019 5 Strategic Business Units Overview Commercial Banking Relationship-based service for corporate and individual customers encompassing bank accounts, international The Bank offers its clients Trade Finance, Commercial Banking and Asset transfers, foreign exchange transactions and a range of Dollar, Sterling and Euro deposit-based products. Management services in their dealings with OECD markets and also supports Bespoke trade finance solutions to facilitate the import of goods into Nigeria, other Sub-Saharan African countries companies exporting to African markets and the MENA region. and the MENA region. Offers Retail Savings Bonds 1, 2 & 3 year with fixed rates for UK nationals. We are authorised by the Prudential Regulation Authority (PRA) and regulated by Offers both investment and owner-occupied loans on UK properties. the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). Our operation in Dubai is regulated by the Dubai Financial Services Commercial Banking Income Customer Deposits Nigerian Corporates Authority (DFSA). The Bank’s IT systems are independent, wholly located in the UK and +5%$30.6 yoy m +27%$781.0 yoy m +2%$9.8 yoy m adhere to these authorities’ standards of data collection and management. Our operations comprise the following Strategic Business Units (SBUs): Trade Finance, Commercial Banking, Asset Management and Dubai. Asset Management Trade Finance Relationship-based service dedicated to developing a clear understanding of our clients’ changing requirements. Provides bespoke discretionary portfolio management services, fixed interest and execution-only portfolios, OECD trade finance hub for Access Bank Plc and the Group. bringing worldwide investment products to high net worth customers, primarily in Nigeria and Ghana. Confirming bank for customers of Access Bank Plc and the Group and exporters to markets in Sub-Saharan Africa Lending services through portfolio and other asset instruments. and the MENA region. Correspondent bank to institutions in Nigeria and other countries in Sub-Saharan Africa. Asset Management Income Assets Under Management Approved correspondent and trade finance bank for the Central Bank of Nigeria (CBN). Issues Letters of Credit on behalf of the Nigerian government and Nigerian National Petroleum Company (NNPC). Accredited by International Finance Corporation IFC (World Banking Commercial Arm). +15%$2.6 yoym +34%$132.4 yoy m Trade Finance Income Correspondent Banking Discounting Services Dubai +28%$40.4 yoy m +0%$12.4 yoy m +15%$11.7 yoy m Linking Sub-Saharan Africa and Europe with the MENA region. Bespoke trade finance solutions to facilitate the import and export of goods between these regions. Dubai Income +168%$7.5 yoym 6 The Access Bank UK Limited Report and Statutory Accounts 2019 The Access Bank UK Limited Report and Statutory Accounts 2019 7 Supporting Our Values employees Six core values inform the Bank’s five-year plans and underpin Behind the effort to train and develop our its approach to meeting targets. These values are shared in people into some of the best in the business lies a proven strategy. A colleague who feels common with our parent. supported is in tune with the Bank’s objectives and dedicated to nurturing the customer relationships on which Excellence Innovation Professionalism our success depends. Surpassing ordinary standards to be the Identifying new market needs and Putting our best foot forward in everything best in all that we do. opportunities. we do, especially in high-pressure Setting the standard for what it means to Creativity, invention, inspiration, situations. be exceptional. exploration. Consistently bringing the best of our Never losing sight of our commitment Pioneering new ways of doing things, new knowledge and expertise to the table in to excellence, even when the going gets products and services, new approaches all interactions with stakeholders. tough. to customers. Setting the highest standards in our work Remembering that excellence requires Being first, testing the waters, pushing ethic, behaviour and activities in the way dedication and commitment. boundaries. we treat our customers and – just as Our approach is not that of excellence Progressing from concept to reality. importantly – each other. at all costs – it is excellence on all fronts Anticipating and responding quickly to Putting our customers’ needs ahead of – so that we deliver outcomes that market needs with the right technology, are economically, environmentally and our own.
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