Access Bank CEO Wigwe breaks down full year numbers

Access Bank CEO, Herbert Wigwe, recently discussed the bank's full-year numbers and provided insights into the synergies achieved from the merger with Diamond Bank in an interview with CNBC Africa. Wigwe highlighted that the synergies shared with investors prior to the merger came out clearly in the results, despite some elevated costs incurred to maintain good customer service. He emphasized that the bank has successfully managed its non-performing loan ratio, reducing it from 10% to 5% over time, showcasing strong risk management practices. Additionally, he addressed the FX trading losses, attributing them to accounting practices related to swap unwinding. Looking ahead, Wigwe expressed cautious optimism amidst the uncertainties of the COVID-19 pandemic, emphasizing the need for careful monitoring of the evolving situation. He acknowledged the slowdown in economic activities and potential loan restructuring as a result of the pandemic's impact on businesses. Wigwe commended the Central Bank of Nigeria's policy measures, including increased moratoriums and reduced interest rates, to support businesses during these challenging times. He stressed the importance of banks working closely with the central bank to navigate the economic challenges effectively. As Access Bank expands its operations across Africa, Wigwe emphasized the need for caution while remaining optimistic about a potential vaccine by the end of the year. Addressing the sharp decline in oil prices, Wigwe acknowledged the significant impact on Nigeria's economy and financial services industry. He highlighted the importance of managing the situation carefully and exploring import substitution strategies to mitigate the impact of the oil price drop.