Saturday, March 16, 2019

Access Bank Realised N95bn Profit For 2018

Access Bank declares N95bn profit for 2018
Access bank realise 95billion naira as profit after paying all necessary tax for the year 2018.
It was reported that the profit attained after settling all tax rose by 58% when compared to 60.07billion naira recorded in the previous season of 2017.
 The bank’s audited result released by the Nigerian Stock Exchange (NSE) indicated that profit before tax stood at N103.2 billion, against N78.2 billion achieved in 2017, which is an increase of 32 per cent from 2017:News Agency Of Nigeria reports.

In the released results, it showed an increase in gross earnings from 459.1billion to N528.7 billion which is a 15% rise in initial period of 2017 with interest and non-interest income contributing of 72 per cent and 26 per cent, respectively.

 The bank, however, proposed a dividend of 25k per share, bringing total dividend for the year to 50k per share. The asset base of the bank remained strong and diversified with growth of 21 per cent in total assets to N4.95 trillion in December 2018 from N4.10 trillion in December 2017.

According to the Group Managing Director of the bank, Mr Herbert Wigwe, stated that 2018 marked a significant year of progress 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.

“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,” Wigwe said.

He said that the contribution of the bank’s subsidiaries to group profits grew by 116 per share to N27.9 billion, underlined by the effective implementation of overall strategy.

In pursuit of our vision to be one of the leading banks in Nigeria, we took accelerated strides in the last quarter of the year towards achieving our overall retail strategy.

“The merger with Diamond Bank will enable us to fully entrench ourselves in the retail market with a view to lowering our funding cost.

“This transaction is anticipated to be completed by April 2019, resulting in the creation of an enlarged, efficient and digitally led tier 1 retail banking franchise,”.


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5 comments:

  1. kudos to access bank, the bank is trying its best in the banking industry

    ReplyDelete
  2. Thats alot of money

    ReplyDelete
  3. Charles IkwuakamMay 27, 2019 at 8:55 AM

    Too much fund

    ReplyDelete
  4. Charles IkwuakamMay 27, 2019 at 8:57 AM

    Access bank
    Keep soaring high

    ReplyDelete
  5. Good move growing higher in bank industry

    ReplyDelete

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