Access Bank Plc, the full service commercialbank with headquarters in Nigeria and operations across Sub-Saharan Africa, the UK,Asia and the Middle East, has announced its audited results for the full year ended 31December, 2016. It also proposed a final dividend of 40 Kobo per share bringing the total dividend for the year to 65 Kobo.
In the audited financial results released to the Nigerian Stock Exchange (NSE) on Monday, the Bank reported strong sustainable growth across all its four business lines despite a weak and volatile macro-economic backdrop.
During the period, the Group posted total revenue of N381.3 billion and profit before tax of N90.3 billion, accounting₦ ₦for 13% and 20% increase respectively over the same period in 2015.
Specifically, key drivers of the growth include a 20 basis points margin expansion onthe back of a 32% year-on-year growth in net interest income of N139.1 billion. Non-₦interest income accounted for 49% of growth in operating income of N272.6 billion₦ compared to N234.8 billion in 2015. ₦
Commenting on the results, Herbert Wigwe, Group Managing Director/CEO, said, “The full year 2016 results demonstrate the effective execution of our strategy underpinned by a robust risk management framework. With strong business fundamentals, our position in the top tier was further consolidated in the industry.”
According to him, Access Bank’s robust and proactive risk management practices and focus on high quality corporates ensured that the Bank maintained an NPL ratio of2.1%; well below the industry average, whilst retaining a healthy balance sheet growth.
Prudential ratios remained strong and well above the regulatory limits with capital adequacy and liquidity ratios of 21.2% and 43.6%, respectively, consequently allowing the necessary headroom for growth.
“We remain cautiously optimistic about the macroeconomic environment in 2017, nonetheless, our objective of delivering sustainable shareholder value remains unchanged.
“We will also continue to maintain our proactive and disciplined risk management practices and leadership in sustainability initiatives, whilst positioningourselves strategically to take the lead in the markets we play,” Wigwe noted.
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