Access Bank Plc has released its audited financial results for the full year (FY) ended
December 31, 2018 showing an increase of 58% in Profit after Tax (PAT) to N95.0
billion from N60.1 billion in the corresponding period of 2017.
The Bank’s audited results which was released to The Nigerian Stock Exchange on
Friday 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 contributing
72% 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 has
proposed a 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% YTD in
total 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) remained
adequate at 20.8%, taking into consideration the regulatory transitional arrangement of
IFRS 9 implementation. On a full impact basis, CAR stood at 19.9%. Similarly, Liquidity
ratios of 50.9% (December 2017: 47.2%), remained well above regulatory
Commenting on the Bank’s performance during the period, Group Managing
Director/CEO, Herbert Wigwe said, “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, and 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.”
According to him, the contribution of the Bank’s subsidiaries to Group profits grew
116% to 27.9 billion, underlined by the effective implementation of overall strategy.