Access bank declares N90.3 billion profit for 2016

Access Bank building

Access Bank Plc has declared ₦90.3 billion as its profit for the year 2016, PREMIUM TIMES has learnt.

According to the commercial bank’s audited results for the full year ended December 31, 2016, it proposed a final dividend of 40 Kobo per share bringing the total dividend for the year to 65 Kobo.

In the audited financial results released to the Nigerian Stock Exchange, NSE, the Bank reported strong sustainable growth across all its four business lines despite a weak and volatile macro-economic backdrop.

During the period, the report said, the group posted total revenue of ₦381.3 billion and profit before tax of ₦90.3 billion, accounting for 13 per cent and 20 per cent increase respectively over the same period in 2015.

Key drivers of the growth include a 20 basis points margin expansion on the back of a 32 per cent year-on-year growth in net interest income of ₦139.1 billion. Non-interest income, the bank claimed, accounted for 49 per cent of growth in operating income of ₦272.6 billion compared to ₦234.8 billion in 2015.

Commenting on the results, Herbert Wigwe, Group Managing Director of the bank, 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.”

According to the bank CEO, Access Bank’s robust and proactive risk management practices and focus on high quality corporates ensured that the bank maintained an NPL ratio of 2.1 per cent; well below the industry average, whilst retaining a healthy balance sheet growth.

“We remain cautiously optimistic about the macroeconomic environment in 2017, nonetheless, our objective of delivering sustainable shareholder value remains unchanged,” Mr. Wigwe said.

“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,” he added.

Access Bank Plc is a full service commercial bank operating through a network of 371 branches and service outlets located in major centres across Nigeria, sub-Saharan Africa, and the United Kingdom with representative offices in China and the UAE.

Listed on the Nigerian Stock Exchange in 1998, the bank serves its various markets through numerous business segments including personal, commercial, and corporate and investment banking.

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