Access Bank records 58 per cent profit in full year
Access Bank Plc full year audited financial results for the period ended December 31, 2018, showed 58 per cent rise in Profit after Tax (PAT) to N95.0 billion from N60.1 billion posted in the corresponding period of 2017.
The bank’s audited results released to the Nigerian Stock Exchange (NSE), at the weekend, also indicated that gross earnings rose by 15 per cent to ₦528.7 billion in 2018, compared to ₦459.1 billion in 2017, with interest and non-interest income contributing 72 per cent and 26 per cent respectively. According to a statement by the bank, its Profit Before Tax (PBT) for the period was ₦103.2 billion, showing 32 per cent growth from ₦78.2 billion in 2017, while Return on Average Equity (ROAE) stood at 19.0 per cent with a Return on Asset of 2.1 per cent in FY 2018.
Based on the performance, the bank has proposed a final dividend of 25 Kobo per share bringing total dividend for the year to 50 Kobo per share.
The asset base of the bank remained strong and diversified with growth of 21 per cent year-to-date (YTD) in total assets to ₦4.95 trillion in December 2018 from ₦4.10 trillion in December 2017.
Loans and Advances totalled ₦2.14 trillion as at December 2018, in contrast to ₦2.06 trillion in the previous year, while customer deposits increased by 14 per cent to ₦2.57 trillion in December 2018, from ₦2.25 trillion in December 2017. Capital Adequacy (CAR) stood at 20.8 per cent, taking into consideration the regulatory transitional arrangement of IFRS 9 implementation.
“On a full impact basis, CAR stood at 19.9 per cent. Similarly, Liquidity ratios of 50.9 per cent (December 2017: 47.2 per cent), remained well above regulatory requirements,” the bank said.
The Group Managing Director/CEO, Herbert Wigwe, was quoted: “2018 marked a significant year of progress for the Bank amidst an unfavourable macro climate. We made solid progress throughout 2018 in line with our 2018-2022 five-year strategy.
“We remain committed to the achievement of our strategic imperatives going forward; as we continue to invest in our people and technology in order to improve operational efficiency and service touch points with earnings growth in 2019.”