Access Bank profit after tax hits N66 billion in 2015

Access Bank says it has recorded Profit-Before-Tax (PBT) of N75 billion for the financial year ended on Dec. 31, 2015.

PBT represented a growth of 44.23 per cent compared with N52 billion recorded in the comparative period of 2014.
The report is contained in the company’s audited result released to the Nigerian Stock Exchange (NSE) on Thursday in Lagos.

Also, its profit after tax appreciated to N66 billion against N30 billion achieved in the preceding year.

Based on the improved performance, the directors of the bank recommended a final dividend of 30k per share bringing the total dividend for the year to 55k.

Its gross earnings stood at N337.4 billion in contrast with N245.4 billion in 2014, indicating a growth of 38 per cent.

Also, interest income grew by 17 per cent to ₦207.8 billion during the review period from ₦176.9 billion in the previous year due to improved income from lending activities and increased yield on investment securities.

The bank’s non-interest income stood at ₦129.4 billion, an increase of 89 per cent from ₦68.4 billion in 2014 due to strong gains on foreign exchange trading income.

Reacting to the performance, Herbert Wigwe, the bank’s Group Managing Director, said that the result reaffirmed the bank’s resolve to add value to shareholders investment even amid harsh operating environment.

Mr. Wigwe said that the 2015 result reinforced the bank’s resolve to generate sustainable returns in spite of challenging market conditions.

“We achieved strong financial progress in 2015 as the group recorded a 44 per cent growth in PBT to ₦75 billion from ₦52 billion in 2014, with significant contribution from our securities trading business,” he said.

Mr. Wigwe attributed the growth to the bank’s diversified business model and robust risk management framework.

He said the bank successfully raised capital by way of rights issue which strengthened its capital base and provided headroom to harness opportunities in key growth sectors of the economy.

“We also made remarkable headway in redesigning our systems and processes to enhance service delivery across all customer touch points, with emphasis on tailored customer interactions.

Leveraging innovation, we introduced products and solutions which have enhanced our brand equity and recorded significant customer adoption and migration to our digital platforms.

“In the coming year, we will remain resilient in the execution of our bold strategy for increased growth and profitability,” he added.

Mr. Wigwe explained that the bank would focus on innovation, proactive risk management and enhanced retail expansion to maximise shareholder value in 2016 and beyond.

(NAN)