Access Bank Plc is to pay a final dividend of 40kobo per share, bringing total dividend for the year ended December 31st, 2019 to 65kobo.
Within the year under review, the bank recorded gross earnings of N666.75 billion, 26.10 per cent higher when compared with N528.75 billion recorded in 2018.
Profit before tax stood at N115.38 billion in contrast with N103.188 billion achieved in 2018 while profit after tax rose to N97.51 billion from N94.98 billion, earnings per share decreased from N3.31 to N2.90 during the period.
Based on the performance, the Board of Directors has recommended a final dividend of N14.22 billion, translating to 40k per share, higher than 25k per share paid in 2018.
The bank had earlier proposed and paid interim dividend of 25k per share, bringing the total dividend per share for 2019 to 65k per share.
The result published by the Nigerian Stock Exchange (NSE) indicates that within the period, net interest income stood at N277.23 billion, compared with N173.578 billion in 2018, while interest expense rose from N207.34 billion to N259.62 billion.
Net Impairment rose to N20.19 billion, compared with N14.66 billion in 2018.
Net fee and commission income increased to N74.04 billion as against N52.49 billion in 2018.
Loans and advances to customers grew to N2.91 trillion from N1.99 trillion in 2018, while deposits of customers stood at N4.26 trillion from N2.56 trillion in 2018.
Mr Herbert Wigwe, the bank’s Group Managing Director, said recently that it was now fully positioned in the retail market with the completion of the merger with Diamond Bank.
“Following the successful completion of the merger with Diamond Bank in March 2019, we have now fully positioned ourselves in the retail market with a view to bringing the power of banking to the doorsteps of millions.
“We are providing a broader platform to facilitate payments services in Nigeria and across Africa, by harnessing our significantly enhanced digital technology capabilities.”
