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Access Bank declares N16.2b profit before tax, 50k dividend in 2010

By on March 27, 2011

ACCESS Bank Plc, yesterday, announced profit before tax of N16.2 billion and gross earnings of N91.1 billion for the year ended December 31, 2010.

Deposit within the period also increased by 15 per cent to N509.6 billion, with loans up by 16 per cent to N456 billion.

Based on the performance, shareholders of the bank, according to a statement issued, are entitled to a dividend of 50 kobo per share.

Further analysis of the 12-month result contains liquidity ratio of 36.91 per cent, with capital adequacy at 26.52 per cent.

Reacting to the result, Group Chief Executive of Access Bank Plc, Aigboje Aig-Imoukhuede, said: “The macro prudential initiatives instituted by the Central Bank of Nigeria to stimulate the Nigerian economy towards the path of sustainable growth and to ensure recovery of the Nigerian banking sector have provided a launch pad for Banks with strong fundamentals to grow their business profitably.

“I am pleased to report that our 2010 performance places Access Bank amongst the leaders in the Nigerian banking industry and more importantly our focus on business sustainability will ensure the sustenance of our renewed growth trajectory”.

Also in his submission, Group Deputy Managing Director, Herbert Wigwe, said: “I am pleased that we almost doubled our gross earnings from Commercial Banking business in the financial year ended 2010. This combined with successful efforts to recover provisioned assets ensured the segment returned to strong profitability.

“Our treasury business contributed strongly to bottom line profits, whilst our increased lending to top corporates clients by our Institutional Bank came at reduced margins.

“We see tremendous opportunities in our retail banking segment and have made significant various investments around personnel, risk management capacity, and product development all geared towards an aggressive retail expansion drive in 2011”.

With operations across eight African nations and in the United Kingdom, Access Bank is a full service commercial bank operating through a network of over 110 branches and service outlets located in all major commercial centers’ and cities across Nigeria.

The bank was incorporated in 1989 as a private limited liability company with ownership residing with Nigerians and Nigerian institutional investors. It was subsequently listed on the Nigerian Stock Exchange in 1998.  In January 2002, it was successfully recapitalised and consequently came under its current leadership.

Source : Guardian