Access Bank Plc said it will pay a final dividend of 25 kobos for every unit of share, bringing the total dividend for the financial year ended December 31, 2018, to 50 kobos per share. More so, Profit before tax jumped from N78.1 billion in 2017 to N103 billion in 2018. Profit after tax rose from N60 billion in 2017 to N94 billion in 2018. Earnings per share rose from N2.11 in 2017 to N3.31 in 2018.
Access Bank Plc has released its audited financial results for the full year (FY) ended December 31, 2018, showing an increase of 58 percent in Profit after Tax (PAT) to N95.0 billion from N60.1 billion in the corresponding period of 2017.
The Bank’s audited a result which was released to The Nigerian Stock Exchange also showed that Gross Earnings rose 15percent to N528.7 billion in FY 2018, compared to N459.1 billion in 2017, with interest and non-interest income contributing 72 percent and 26 percent respectively. Profit before Tax (PBT) for the period was N103.2 billion, showing 32 percent growth from N78.2 billion in 2017 while Return on Average Equity (ROAE) stood at 19 percent with a Return on Asset of 2.1 percent in FY 2018.
The asset base of the Bank remained strong and diversified with a growth of 21 percent YTD in total assets to N4.95 trillion in December 2018 from N4.10 trillion in December 2017. Loans and Advances totaled N2.14 trillion as at December 2018 (December 2017: N2.06 trillion). Customer deposits increased by 14 percent to N2.57 trillion in December 2018, from N2.25 trillion in December 2017. Capital Adequacy (CAR) remained adequate at 20.8 percent, 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 percent (December 2017: 47.2%), remained well above regulatory requirements.
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 unfavorable 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 percent to N27.9 billion, underlined by the effective implementation of the overall strategy.
“In pursuit of our vision to be one of the leading Banks in Nigeria, we took accelerated strides in the last quarter of the year towards achieving our overall retail strategy. The merger with Diamond Bank will enable us to fully entrench ourselves in the retail market with a view to lowering our funding cost. This transaction is anticipated to be completed by April 2019, resulting in the creation of an enlarged, efficient and digitally led tier 1 retail banking franchise,” he stated.
Subject to approval and appropriate withholding tax, the dividends will, on Thursday, April 11th, be paid electronically to shareholders whose names appear on the Registers of Members. Also, shareholders who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts, will receive their dividends on April 25th, 2019. The Register of Shareholders will, however, be closed on Friday, April 12, 2019. The Nigerian tier-1 bank recorded a laudable financial result for the 2018 financial year, as Gross Earnings increased from N459 billion in 2017 to N528 billion in 2018.