Access Bank Traverses Risks to Post N43 Billion Profit
Access Bank Plc has impressively navigated the heady winds which challenged the financial sector in 2014 to post a Profit after tax of N43.06 billion, signifying a 19.5 per cent improvement for the financial year ended December 31, 2014 from N36.03 billion recorded in the same period of 2013.
The Bank’s Gross earnings for the reviewed period was announced as N245.55 billion, an 18.5 per cent increase from N206.89 billion recorded for the same period in 2013.
Similarly, the total assets of the bank shot up by 14.6 per cent from N1.8 trillion recorded in December 31, 2013 to N2.1 trillion for the financial year ended December 31, 2014.
Speaking on the result, the bank’s CEO Herbert Wigwe described their strategy of strong risk management as a critical pillar for the maintenance of the banks financial health.
He said “Strong risk management remains a critical pillar of our strategy and the maintenance of our financial health.”
The chairman of the bank, Mr. Gbenga Oyebode also noted that “Access bank will remain nimble and innovative, promoting customer-centricity through the refinement of our digital platforms; thereby developing a competitive advantage that provides value to the customer while reducing the cost of business for the bank”
Further analysis of the bank’s balance sheet showed that the bank’s loans increased by 38.5 per cent to N1.1 trillion in the reviewed year from N810.6 billion recorded in the same period of 2013, as customer deposits further appreciated by 9.2 per cent to N1.5 trillion in 2014 from N1.3 trillion, announced for the same period of 2013.
Shareholders commended the bank on their performance and gave their approval on the dividend payment of 35 kobo per ordinary share held, for the financial year ended December 31, 2014.Access bank Plc, an independent, locally owned bank held its Annual General Meeting (AGM) to comprehensively report the banks activities throughout the preceding year.
This year’s AGM was held at Lagoon Restaurant, Ozumba Mbadiwe Avenue, Victoria Island, Lagos on Thursday, May 7, 2015, had the bank’s management and senior team members meet with retail shareholders to discuss the Banks performance strategy and other concerns to benefit to all shareholders.
