Monday, March 06, 2017 7.00 AM /Access Bank
Access Bank Plc, the full service commercial bank with headquarters in Nigeria and operations across Sub-Saharan Africa, the UK, Asia and the Middle East, has announced its audited results for the full year ended 31 December, 2016 and 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) on Monday, the Bank reported strong sustainable growth across all its four business lines despite a weak and volatile macro-economic backdrop.During the period, the Group posted total revenue of ₦381.3 billion and profit before tax of ₦90.3 billion, accounting for 13% and 20% increase respectively over the same period in 2015.
Specifically, key drivers of the growth include a 20basis points margin expansion on the back of a 32% year-on-year growth in net interest income of ₦139.1 billion. Non-interest income accounted for 49% 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/CEO, 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 him, 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%; well below the industry average, whilst retaining a healthy balance sheet growth. Prudential ratios remained strong and well above the regulatory limits with capital adequacy and liquidity ratios of 21.2% and 43.6%, respectively, consequently allowing the necessary headroom for growth.
“We remain cautiously optimistic about the macroeconomic environment in 2017, nonetheless, our objective of delivering sustainable shareholder value remains unchanged. 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,” Wigwe noted.
ABOUT ACCESS BANK
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 four business segments: Personal, Business, Commercial and Corporate & Investment Banking. The Bank has over 830,000 shareholders including several Nigerian and International Institutional Investors and has enjoyed what is arguably Africa's most successful banking growth trajectory in the last twelve years ranking amongst Africa's top 20 banks by total assets and capital in 2015.
As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.
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