Shareholders commends Access Bank performance, approves N11.571bn final dividend

 

 

ACCESS Bank Plc shareholders have commended the management and board of directors of the bank for impressive performance recorded in the year 2016.
The shareholders, who gave the commendation at the bank’s 28th annual general meeting held in Lagos today, also approved a final dividend of 40 kobo per share amounted to N11.571 billion in addition to the interim dividend of 25 kobo, which was paid in 2016.
Speaking on the bank’s performance, Chief Lawal Olawale applauded the bank’s remarkable achievements and noted that the bank’s gross earnings and profit after tax was an indication of the resilient performance recorded in the year.
According to him, Access Bank has consistently delivered on its dividend payout to shareholders compared to its peers in the banking industry. The bank’s performance in 2016 is commendable in view of the economic recession affected business environment.
In the same vein, the National Coordinator Emeritus, Independent Shareholders Association of Nigerian (ISAN), Sir Sunny Nwosu commended the management of the bank for its prudent management of cost of operations.
He also applauded the bank for the final dividend of 40 kobo per share, saying that it is better that you gave us this dividend knowing the tight business environment you operated upon during the period under review. But we still hope you will pay us higher dividend come next year.
In her comment, the Chairman of the bank, Mrs. Mosun Belo-Olusoga said the ongoing changes in the banking services industry as well as the evolving economic BD regulatory environment forced banks to adapt their business models and examine business investments opportunities going forward.
“Following significant progress in recent years to anticipate these developments and proactively transform the bank in response to the evolving operating environment, your bank responded to the changing landscape by proactively maintaining a disciplined risk culture, thus avoiding seemingly risky exposures to the power and downstream oil and gas sectors.”
We explored market opportunities to support increased business activity in key growth sectors such as agriculture and manufacturing, she said.
She noted that the bank leveraged its innovative and technological platforms to improve service touch points thus increasing retail market share and growing cheaper funding sources.
The lender at the end of 2016 year end posted a total revenue of N381.3 billion and profit before tax of N90.3 billion, accounting for 13 percent and 20 percent increase respectively over the same period in 2015.
Specifically, key drivers of the growth include a 20 basis points margin expansion on the back of a 32 percent year-on-year growth in net interest income of N139.1 billion. Non-interest income accounted for 49 percent of growth in operating income of N272.6 billion compared to N234.8 billion in 2015.