Access Bank pays 40 kobo per share dividend to shareholders

Nigeria’s major financial institution Access Bank Plc, has given a final dividend of 40 kobo, to its shareholders for its year ended December 31 activities. This comes on the heal of the 25 kobo interim dividend paid for 2017 half year, bringing the total dividend for the 2017 financial year to 65 kobo.

The proposed dividend which is subject to appropriate withholding, if approved will be paid to shareholders whose names appear in the register of members as at the close of business on Thursday April 12, 2018. Payment will be made to shareholders accounts on April 25, 2018.

A breakdown of the bank group consolidated statement of comprehensive income shows that earnings went down at both top and bottom line. For instance interest income went down from 247,286,635 billion in 2016 to ₦319,854,402 billion in 2017.

Its Profit before tax for the year also went down from N90,339,456 billion in 2016 to ₦80, 072, 482 billion in 2017, while profit after tax dropped from ₦71, 439, 347 billion in 2016 to ₦61, 990, 852 billion in 2017. Earnings per share stood at 218 in 2017 as against 250 that was recorded same period in 2016.

Meanwhile, the Central Bank of Nigeria (CBN), has slammed an estimated ₦78 million fine as sanctions on Access Bank Plc, over various infractions committed by the bank in the course of its activities in the financial year ended December 31, 2017.

A breakdown of the sanctions , showed that the CBN slammed ₦60 million penalty on the bank for failure to comply with the Bank Verification Number (BVN) rules.

The apex bank equally penalised Access Bank for its breach of the stipulated weekly forex utilisation funds, which earned a fine of six million.

Also, the CBN slammed ₦2 million fine on the bank for non-compliance with the bancassurance rule, while another ₦2 million fine was awarded against the bank, in respect of Access Bank’s failure of the apex bank’s forex examination.

Similarly, the apex bank slammed ₦4 million fine on the bank for its injection of capital in its subsidiaries, against laid down rules, while another ₦2 million was slammed against it over flouting of the know your customer (KYC) rules.

The CBN equally slammed another fine of ₦2 million on the bank, over the failure of the bank to implement the recommendations of external auditors to it.