Access Bank Plc, has recorded growth in all its financial indices, posting profit after tax of N106.01 billion, despite the nation’s economic challenges and impact of covid 19 in global economy.
The bank’s audited financial result released at the Nigerian Stock Exchange (NSE) showed an improvement of N11.953 billion or 12.71 per cent.
The bank grew earnings by 15 per cent to
N764.7 billion from the N666.75 billion posted for the comparative period of 2019. While the Bank’s Profit before Tax stood at N125.9 billion, with a non-interest income of N275.5 billion, a significant 112 per cent year on year growth from 2019. Fees and Commission income increased from N91.845 billion to N116.700 billion while net fee and vommission income up from N74.047 billion to N 93.573 billion at the end of December last year while Net interest income fell from N277.228 billion to N262.950 billion.
The board proposed final dividend payment of N0.55 kobo for every unit shares of 50 kobo, bringing the total dividend paid for the year ended December 31,2020 to N0.80 kobo per share.
According to the Group Managing Director and CEO of Access Bank Plc, Herbert Wigwe, the institution’s resilient performance “is testament to the effectiveness of our strategy and capacity to generate sustainable revenue.”
“The strategic actions that the Bank has taken over the past 12 months evidence a strong focus on retail banking and financial inclusion, an African expansion strategy and a drive for scale for sustainable value creation. In 2020, Access Bank proudly opened its doors for business in Kenya and Mozambique, further increasing our footprints across the African Continent. Access Bank Zambia also concluded the acquisition of Cavmont Bank Limited in January 2021 and the Group recently announced the approval by relevant regulatory authorities for the acquisition of Grobank Limited, creating an inroad into the South African market in realization of the Group’s strategic ambitions.
“In view of the opportunities that exist in the market, we will be transitioning to a HoldCo structure. The Bank has received the Approval-In-Principle from the Central Bank of Nigeria for the restructuring and the HoldCo will consist of four subsidiaries in order to tap into the market opportunities that are available in the consumer lending market, electronic payments industry and retail insurance market. Going into the fourth year of our 5-year cyclical strategy, our focus remains on consolidating our retail momentum and expanding our African footprint in a sustainable manner,” Wigwe said.
