Access Bank reports 58% profit growth

Access Bank Plc has released its audited financial results for the full year ended December 31, 2018, showing an increase of 58 percent in Profit after Tax to N95.0 billion, up from N60.1 billion in the corresponding period of 2017.
The Bank’s audited results which were released to The Nigerian Stock Exchange at the weekend, showed that Gross Earnings rose by 15 percent, to ₦528.7billion in FY 2018, compared to ₦459.1billion in 2017, with interest and non-interest income contributing 72 per cent and 26 per cent respectively. Profit before Tax for the period was ₦103.2billion, showing32 percent growth from ₦78.2billionin 2017 while Return on Average Equity stood at 19.0 percent with a Return on Asset of 2.1per cent in FY 2018.The Bank has proposed a final dividend of 25 Kobo per share, bringing total dividend for the year to 50 Kobo per share.
The asset base of the Bank remained strong and diversified with growth of 21 percent in total assets to ₦4.95 trillion in December 2018, from ₦4.10trillion in December 2017. Loans and Advances totalled ₦2.14trillion as at December 2018 (December 2017: ₦2.06trillion).
Customer’s deposit increased by 14per cent to ₦2.57trillion in December 2018, from ₦2.25trillion in December 2017. Capital Adequacy remained adequate at 20.8percent, taking into consideration the regulatory transitional arrangement of IFRS 9 implementation. On a full impact basis, CAR stood at 19.9percent.
Similarly, liquidity ratios of 50.9percent (December 2017: 47.2percent), 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 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; and we continue to invest in our people and technology in order to improve operational efficiency and service touch-points with earnings growth in 2019.”