Access Bank earnings pick as lender builds Pan-African footprint

Access Bank Plc has posted an impressive performance for the financial year 2019 with double digit growth in earnings.

The improved performance came as the bank continue to consolidate on its Pan-African strategy and footprint to reflate its position.

Its audited financial statement submitted to the Nigerian Stock Exchange shows a 26.10% year on year growth in gross earnings from N528.75 billion to N666.75 billion.

Also, lender’s profit before tax jerked up by 11.82% to N115.38 billion as against N103.188 billion recorded in 2018.

Also, profit after tax rose to N97.51 billion from N94.98 billion, while earnings per share decreased from N3.31 to N2.90 during the period under review.

The Board of Directors recommended a final dividend of N14.22 billion, translating to 40k per share, higher than 25k per share paid in 2018.

Meanwhile, the bank had earlier proposed and paid interim dividend of 25k per share, bringing the total dividend per share for 2019 to 65k per share.

Also, net interest income stood at N277.23 billion, compared with N173.578 billion in 2018, while interest expense rose from N207.34 billion to N259.62 billion.

Net Impairment rose to N20.19 billion, compared with N14.66 billion in 2018.

Net fee and commission income increased to N74.04 billion as against N52.49 billion in 2018.

Loans and advances to customers grew to N2.91 trillion from N1.99 trillion in 2018, while deposits of customers stood at N4.26 trillion from N2.56 trillion in 2018.

Recall that the bank consummated a business combination with the defunct Diamond Bank.

Herbert Wigwe, the bank’s Group Managing Director, said recently that it was now fully positioned in the retail market with the completion of the merger.

“Following the successful completion of the merger with Diamond Bank in March 2019, we have now fully positioned ourselves in the retail market with a view to bringing the power of banking to the doorsteps of millions.

“We are providing a broader platform to facilitate payments services in Nigeria and across Africa, by harnessing our significantly enhanced digital technology capabilities,” Wigwe said.

He said that the bank had made solid progress in line with its 2018-2022 five-year strategy and remained committed to the achievement of its strategic imperatives going forward.

According to him, the bank will continue to invest in its people, technology and most importantly, its product offerings to customers.

“Our focus is to become the world’s most respected African Bank by leveraging on the strength of our retail and wholesale business to provide unrivaled value to our customers,” he stated.

Access Bank earnings pick as lender builds Pan-African footprint

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