Access Bank Grows Profit to N71.4bn, Pays 40k Final Dividend

• Access Bank Grows Profit to N71.4bn, Pays 40k Final Dividend

Access Bank Plc yesterday announced its financial results for the year ended December 31, 2016, declaring a profit after tax (PAT) of N71.4 billion.

According to the audited financial results released to the Nigerian Stock Exchange (NSE) yesterday, Access Bank Plc recorded revenue of N381.3 billion, showing an increase of 13 per cent above the N337.4 billion in 2015. Net interest income rose by 32 per cent from N105.4 billion to N139.1 billion, while non-interest income grew marginally by 3.5 per cent to N134 billion, from N129 billion the previous year.

Credit impairment charges stood at N22 billion, up by 54.3 per cent from N14.2 billion, while operation expenses rose by 10.1 per cent to N160.35 billion, from N145.6 billion.

Profit before tax (PBT) grew by 20.4 per cent to N90.3 billion, from N75.0 billion, just as the bank ended the year with a PAT of N71.4 billion, up 8.5 per cent from N65.9 billion in 2015.

Access Bank grew its deposits to 2.256 trillion, showing an increase of 28.8 per cent from N1.756 trillion, just as loans and advances rose to N1.855 trillion, from N1.409 trillion.

Shareholders are to receive a final dividend of 40 Kobo per share bringing the total dividend for the year to 65 Kobo per share.

Commenting on the results, Group Managing Director/Chief Executive Officer, Herbert Wigwe said: “The full year 2016 results demonstrate the effective execution of our strategy underpinned by a robust risk management framework. With strong business fundamentals, our position in the top tier was further consolidated in the industry.”

He noted that Access Bank’s robust and proactive risk management practices and focus on high quality corporates ensured that the bank maintained an non-performing loan (NPL) ratio of 2.1 per cent, well below the industry average, whilst retaining a healthy balance sheet growth. Prudential ratios remained strong and well above the regulatory limits with capital adequacy and liquidity ratios of 21.2 per cent and 43.6 per cent, respectively, consequently allowing the necessary headroom for growth.

Wigwe said: “We remain cautiously optimistic about the macroeconomic environment in 2017, nonetheless, our objective of delivering sustainable shareholder value remains unchanged. We will also continue to maintain our proactive and disciplined risk management practices and leadership in sustainability initiatives, whilst positioning ourselves strategically to take the lead in the markets we play.”