Access Bank records over N459.1bn gross earnings
.Achieves 20% growth, proposes 40kobo dividend to shareholders
By Udeme Clement
Access Bank Plc has recorded tremendous growth in its financial reports with a total income of N459.1 billion realised in 2017 financial year.
This formed part of the Bank’s financial reports released at its 29th Annual General Meeting ,AGM, held at the Federal Palace Hotel, Victoria Island , Lagos, yesterday.
The N459.1 billion income represents an increase of 20 percent in the growth rate achieved by the Bank, when compared to over N381.3 billion realised in the corresponding period of 2016.
Accordingly, the growth in gross earnings was boosted by 29 per cent increase in interest income to N319.9 billion in 2017, from N247.2 billion in 2016, while net interest income increased by 17 percent to N163,452 billion in 2017, from N139,148 billion in the comparative period of 2016 fiscal year.
In the same in, Non-Interest Income grew five percent to N139.1 billion in 2017, from N133.4 billion in 2016, leading to 11 per cent increase in the Bank’s operating income to N302,596 billion in 2017, from N272,605 billion realised in 2016.
Speaking at the AGM, the Chief Executive Officer ,CEO, of Access Bank, Herbert Wigwe attributed the growth recorded so far to expansion in the Bank’s core business, as asset book loans and advances grew 11 percent to N2,064 trillion in 2017, from N1,855 trillion in December 2016, even as total assets grew 18 percent to N4,102 trillion in December 2017, from N3,484 trillion in the corresponding period in 2016.
Moreso, the Bank recorded an increase of 13 percent in shareholder returns of N515 billion in December 2017, from N454 billion in the corresponding period in 2016.
However, though the Bank posted significant growth in earnings for the period under review, its Profit Before Tax, PBT, declined 11 percent to N80.1 billion in 2017 from N90.3 billion recorded in 2016 economic year.
The AGM ended in a good note, as the Bank proposed 40kobo per share dividend to all its shareholders.