Home Business Dividend: Access Bank rewards shareholders with N18.8bn
Business - March 31, 2017

Dividend: Access Bank rewards shareholders with N18.8bn

Herbert Wigwe, Access Bank Group Managing Director/CEO

Access bank is rewarding its shareholders with a total dividend of N18.8 billion for the year ended December 31, 2016.

The dividend translates to 65 kobo per share, up from 55 kobo per share received in 2015.

The bank made the approval at its 28th Annual General Meeting (AGM) last Wednesday in Lagos.

The declaration of a better dividend payout for its shareholders was reflective of Access Bank’s better than expected revenue of N381.3 billion, an increase of 13 per cent from the N337.4 billion reported by the bank in 2015.

Its net interest income rose by 32 per cent from N105.4 billion to N139.1 billion, while non-interest income grew marginally by 3.5 per cent to N134 billion, from N129 billion in the previous year.

Access Bank also reported an increase in its credit impairment charge by 54.3 per cent from N14.2 billion in 2015 to N22 billion in 2016, while operating expenses rose by 10.1 per cent to N160.35 billion, from N145.6 billion.

Its profit before tax (PBT) grew by 20.4 per cent to N90.3 billion, from N75.0 billion, just as the bank ended the year with a profit after tax of N71.4 billion, up 8.5 per cent from N65.9 billion in 2015.

A further assessment of the results indicated that Access Bank grew its deposits to N2.256 trillion, showing an increase of 28.8 per cent from N1.756 trillion.

Speaking on the results, the Group Managing Director/Chief Executive Officer of Access Bank, Herbert Wigwe, said the full year 2016 results demonstrate the effective execution of the bank’s strategy underpinned by a robust risk management framework.

Wigwe said: “With strong business fundamentals, our position in the top tier was further consolidated in the industry.”

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