Access Bank posts N90.3bn profit in 2016

Access Bank Plc has announced its audited results for the full year ended 31 December, 2016 and 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), 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, representing increase of 13 per cent and 20 per cent respectively over the same period in 2015.

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Specifically, key drivers of the growth include 20 basis points margin expansion on the back of a 32 per cent year-on-year growth in net interest income of N139.1 billion. Non-interest income accounted for 49 per cent 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, Access Bank Plc, said the full year 2016 results demonstrate the effective execution of the bank’s strategy underpinned by a robust risk management framework.

According to him, the bank maintained non-performing loan ratio of 2.1 per cent; well below the industry average, whilst retaining a healthy balance sheet growth.

“We remain cautiously optimistic about the macroeconomic environment in 2017,” Wigwe stated.

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