Banking Briefs
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SHAREHOLDERS of the Access Bank Plc, have cause to smile as the bank is paying them a final 40k dividend per share bringing the total dividend for the year ended December 31, 2016, to 65 kobo. The bank announced this in its audited financial results for the year ended 31 December, 2016, released to the Nigerian Stock Exchange, NSE.
The bank’s total revenue for the period is ₦381.3 billion while profit-before-tax is ₦90.3 billion, accounting for 13 per cent and 20 per cent increase, respectively over the same period in 2015.
Specifically, key drivers of the growth include a 20 basis points margin expansion on the back of a 32 per cent year-on-year growth in net interest income of ₦139.1 billion. Non-interest income accounted for 49 per cent of growth in operating income of ₦272.6 billion compared to ₦234.8 billion in 2015.
Prudential ratios remained strong and well above the regulatory limits with capital adequacy and liquidity ratios of 21.2 per cent and 43.6 per cent, respectively, consequently allowing the necessary headroom for growth.
Herbert Wigwe, group managing director of the bank, said the results demonstrated the effective execution of its strategy underpinned by a robust risk management framework.
“With strong business fundamentals, our position in the top tier was further consolidated in the industry,” he said, adding that the 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 per cent; well below the industry average, whilst retaining a healthy balance sheet 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,” he said.
— Mar 8, 2017 @ 15:05 GMT
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