-Bank’s balance sheet now ₦4 trillion
Shareholders of Access Bank Plc on Wednesday commended the bank’s 65 kobo per share dividend payment for the year ended 2017 financial activities, even as they also commended the board on the ₦4 trillion mark achieved by the bank balance sheet.
The shareholders noted that growth strategy instituted by the bank in 2013 to 2017 and the current five years strategic corporate growth plan in the bank will further boost operations and help return high yield to investors.
The trio of Adebayo Adetunji Adeleke, Timothy Adesiyan and Bisi Bakare who are leaders of shareholders groups in the capital market made these remarks while speaking at the 29th Annual General Meeting of Bank in Lagos.
According to them, the ₦4 trillion balance sheet mark achieved by the bank has made it be in the league of the big player banks in the financial subsector of the economy, even has it has positioned it for more growth and profitability.
It will be recall that the bank on Wednesday paid a final dividend of 40 kobo, even as it had earlier paid a total of 20 kobo to its investors some couple of months back.
The bank had in its financials presented for consideration at the meeting posted a gross earnings growth of 20 per cent, from ₦381.1 billion in 2016 to ₦459.1 billion in the corresponding year of 2017.
Although Profit after tax and profit before tax saw a dip of 13.2 per cent and 11.4 per cent from ₦71.4 billion in 2016 to ₦61.9 billion in 2017 and ₦90.3 billion in 2016 and ₦80.1 billion in 2017 respectively, shareholders fund and customers deposits climbed by 13.4 per cent and 7.5 per cent from ₦454.5 billion in 2016 to ₦515.4 billion 2017 and ₦2.1 billion in 2016 to ₦2.2 billion in 2017.
Meanwhile, addressing shareholders earlier, the Group Managing Director Mr. Herbert Wigwe said while the bank has not failed in its duties to make shareholder smile every year, its growth plans of 2013 to date has resulted in the bank’s ₦4 trillion mark balance sheet, grow its branches to 400 just as it has enable the bank to increase its customers base from 6 million in 2013 to 9 million in 2017.
“We are having increase in all indices, in Earnings Per Share, Cost of Risk, Capital Adequacy Ratio which are the major keys, financial institutions are measured, is plus for our bank. Looking at the topline of major banks, we are doing well. Our new 5 year growth corporate strategic plan will capture what we did not achieve in 2013 to date. We are among the three topline bank in the domestic economy. We shall continue to invest in our staff training. As a customer friendly institution we have set-up an IVR center and ombudsman complain call center to tackle complaints from customers.
Commenting on the results, Wigwe said, “Our operating performance in 2017 was impacted by the residual effects of macro-economic conditions of 2016, characterised by slow economic expansion and adverse credit conditions, which resulted in making conservative provisions on our loan book. Despite the macro and regulatory headwinds, our underlying business remained strong as reflected in the gross earnings growth of 20 percent to N459 billion in 2017.
We grew our loan book to position it for improved earnings, whilst driving deposit mobilization from targeted segments to diversify our funding base, he added.