Shareholders of Access Bank have commended the Board of Directors, Management and Staff for the impressive performance for the 2019 financial year.
The commendation was made at the 31st Annual General Meeting (AGM) of the Bank held in Lagos, recently.
The meeting, which was held by proxy due to the COVID-19 pandemic, had three leaders of various shareholders’ association present. Sir Sunny Nwosu of Independent Shareholders Association of Nigeria (ISAN), Mr. Owolabi Peters of Integrated Shareholders Association of Nigeria and Mrs. Bisi Bakare of Pragmatic Shareholders Association of Nigeria, said despite the challenging operating environment, Access Bank Plc did not only record improved results but also rewarded shareholders with good a dividend that is very timely given the difficulties created by the COVID-19 pandemic.
400 Capacity Mobile Testing Center To Kano- Dangote
For instance, Nwosu said Access Bank Plc had a good foresight by merging with defunct Diamond Bank Plc, noting that “the professional and seamless manner with which the integration was done should be commended and shareholders appreciate the board and management.”
According to him, the future remains very bright for the all shareholders, considering the synergy the merger has brought to the Bank and the expertise the management and staff continued to deploy to ensure Access Bank maintain a leading role in the retail banking space. Nwosu also commended leading efforts of Access Bank in the private-sector led Coalition Against COVID-19 (CACOVID), supporting the Federal Government to fight the pandemic.
On her part, Mrs. Bakare said unlike some of its competitors, Access Bank has recorded increased profits in the past three years, noting that shareholders have confidence in the board and management to continue to deliver improved performance, going forward.
In his address, Group Managing Director/CEO, Access Bank Plc, Dr Herbert Wigwe, said the Group delivered a 26 per cent increase in gross earnings of N666.8billion from N528.7billion in 2018, comprising interest in-come growth of 41 per cent from previous levels to N155.9billion despite a declining interest rate environment.
“The effects of an enlarged loan book contributed significantly to the interest income growth of N155.9billion (+41 per cent y/y), leading to strong bottom-line figures. The net effect on operating income resulted in strong profit before tax (PBT) of N115.4billion as against N103.2billion in 2018.
The strength of the performance reflects a growing franchise supported by digital capabilities and improving customer service touchpoints. The retail business gained momentum, leveraging opportunities in key sectors to consolidate market share dominance through our digital loans. The wholesale business also continued to soar in the year, following intense marketing drive and continued investment in the sector to deliver stronger synergies,” he said.The Bank ended the year with Profit After Tax (PAT) of N97.509 billion, up from N94.981 billion and paid a final dividend of 40 kobo to bring the total dividend to 65 kobo per share.
Wigwe said the merger with Diamond Bank produced a truly diversified institution with remarkable retail presence and solid wholesale market share.
Leave a Comment
You must be logged in to post a comment.