Access Bank posts N75 billion PBT
Proposes 55 kobo total dividend
Access Bank Plc has recorded a Profit Before Tax (PBT) of N75 billion in its 2015 operations against N52 billion achieved in the corresponding period in 2014.
Specifically, the companies audited result for the year ended December 30, 2015 showed a PBT of N75 billion, representing 44 per cent growth over N52 billion posted in the corresponding period in 2014 with significant contribution from the bank’ s securities trading business while profit after tax also rose from N30 billion to N66 billion during the year under review.
Based on the improved performance, the directors of the bank are recommending a dividend of 30 kobo per share bringing the total dividend for the year to 55 kobo.
Reacting to the performance, the Group Managing Director of the bank,
Herbert Wigwe explained that the result reaffirms the bank’s resolve to add value to shareholders investment even amid harsh operating environment.
“This year’s results reinforce our resolve to generate sustainable returns despite challenging market conditions.
“We achieved strong financial progress in 2015 as the Group recorded a 44 per cent growth in profit before tax to ₦75 billion from ₦52 billion in 2014, with significant contribution from our securities trading business.
Guided by a robust risk management framework, the Access bank boss pointed out that the bank’s diversified business model yielded positive results as it grew the business cautiously and recorded sound prudential ratios.
He pointed out that the bank successfully raised capital by way of rights issue which has significantly strengthened its capital base, as well as provides the bank with sufficient headroom to harness opportunities in key growth sectors of the economy.
“In addition, the recent upgrade of our national scale credit rating to ‘A’ by Fitch Ratings even in an extremely difficult environment – will enable growth in the market share of our customers’ businesses and solidify our position as a top player in the industry.
“We also made remarkable headway in redesigning our systems and processes to enhance service delivery across all customer touch points, with emphasis on tailored customer interactions. Leveraging innovation, we introduced products and solutions, which have enhanced our brand equity and recorded significant customer adoption and migration to our digital platforms.
“In the coming year, we will remain resilient in the execution of our bold strategy for increased growth and profitability. Though market conditions will remain challenging, we will focus on innovation, proactive risk management and data analytics as catalysts for diversifying income streams and enhancing retail expansion, so as to maximize shareholder value in 2016 and beyond,” he added.