Access Bank Records 58% Profit Growth in FY 2018
Posted on March 15, 2019 || By: Global News
December 31, 2018 showing an increase of 58% in Profit after Tax (PAT) to N95.0billion from N60.1 billion in the corresponding period of 2017.The Bank’s audited results which was released to The Nigerian Stock Exchange onFriday also showed that Gross Earnings rose 15% to 528.7 billion in FY 2018,compared to 459.1 billion in 2017, with interest and non-interest income contributing72% and 26% respectively. Profit before Tax (PBT) for the period was 103.2 billion,showing 32% growth from 78.2 billion in 2017 while Return on Average Equity(ROAE) stood at 19.0% with a Return on Asset of 2.1% in FY 2018. The Bank hasproposed a a final dividend of 25 Kobo per share bringing total dividend for the year to50 Kobo per share.The asset base of the Bank remained strong and diversified with growth of 21% YTD intotal assets to 4.95 trillion in December 2018 from 4.10 trillion in December 2017. Loans and Advances totaled 2.14 trillion as at December 2018 (December 2017:2.06 trillion). Customer deposits increased by 14% to 2.57 trillion in December 2018, from 2.25 trillion in December 2017. Capital Adequacy (CAR) remainedadequate at 20.8%, taking into consideration the regulatory transitional arrangement ofIFRS 9 implementation. On a full impact basis, CAR stood at 19.9%. Similarly, Liquidityratios of 50.9% (December 2017: 47.2%), remained well above regulatoryrequirements.Commenting on the Bank’s performance during the period, Group ManagingDirector/CEO, Herbert Wigwe said, “2018 marked a significant year of progress for theBank amidst an unfavourable macro climate. We made solid progress throughout 2018in line with our 2018-2022 five-year strategy, and we remain committed to theachievement of our strategic imperatives going forward; as we continue to invest in ourpeople and technology in order to improve operational efficiency and service touchpoints with earnings growth in 2019.”According to him, the contribution of the Bank’s subsidiaries to Group profits grew116% to 27.9 billion, underlined by the effective implementation of overall strategy.www.accessbankplc.com“In pursuit of our vision to be one of the leading Banks in Nigeria, we took acceleratedstrides in the last quarter of the year towards achieving our overall retail strategy. Themerger with Diamond Bank will enable us to fully entrench ourselves in the retailmarket with a view to lowering our funding cost. This transaction is anticipated to becompleted by April 2019, resulting in the creation of an enlarged, efficient and digitallyled tier 1 retail banking franchise” he stated.ABOUT ACCESS BANKAccess Bank is a full service commercial bank operating through branches and serviceoutlets located in major centers primarily across Nigeria and sub-Saharan Africa, aswell as the United Kingdom (extension to United Arab Emirates (Dubai)), withrepresentative offices in China, Lebanon, and India. The Group provides a wide rangeof banking and other financial services to over 10 million customers from 402 branchesand service centers.Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various marketsthrough four business segments: Personal, Business, Commercial and Corporate &Investment Banking. The Bank has over 830,000 shareholders including severalNigerian and International Institutional Investors and has enjoyed what is arguablyAfrica’s most successful banking growth trajectory in the last fifteen years rankingamongst Africa’s top 20 banks by total assets and capital since 2017.As part of its continued growth strategy, Access Bank is focused on mainstreamingsustainable business practices into its operations. The Bank strives to deliversustainable economic growth that is profitable, environmentally responsible andsocially relevant.