Access Bank grosses N95bn profit in 2018

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Access Bank Plc has recorded more than 50 per cent leap in its profit for 2018, closing the fiscal year with N95 billion.

A statement from the bank, which highlighted its audited financial results for the full year, said the lender grew its Profit After Tax (PAT) by 58 per cent to N95 billion, from the N60.1 billion recorded during the corresponding period of 2017.

Aside this, its gross earnings rose by 15 per cent to N528.7 billion, compared to N459.1 billion netted in 2017, with interest and non-interest income contributing 72 per cent and 26 per cent respectively. Its Profit Before Tax (PBT) for the period was N103.2 billion, showing 32 per cent growth from N78.2 billion in 2017 while Return on Average Equity (ROAE) stood at 19 per cent with a Return on Asset (ROA) of 2.1 per cent in 2018. The bank has proposed a final dividend of 25 kobo per share bringing total dividend for the year to 50 kobo per share.

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The statement added that the asset base of the bank remained strong and diversified with growth of 21 per cent year-to-date in total assets to N4.95 trillion in December 2018 from N4.10 trillion in December 2017.

Loans and Advances totalled N2.14 trillion as at December 2018 from N2.06 trillion in December 2017: Customer deposits increased by 14 per cent to N2.57 trillion in December 2018, from N2.25 trillion in December 2017. Capital Adequacy (CAR) remained adequate at 20.8 per cent, taking into consideration the regulatory transitional arrangement of IFRS 9 implementation. On a full impact basis, CAR stood at 19.9 per cent. Similarly, liquidity ratios of 50.9 per cent, from 47.2 per cent in December 2017, remained well above regulatory requirements.

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Commenting on this performance, its Group Managing Director/CEO, Herbert Wigwe, said, “2018 marked a significant year of progress for the bank amid an unfavourable 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.”

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