Access Bank reports N97.5bn after-tax profit, declares N0.45 final dividend

Access Bank Plc, has announced a 3.6% growth in its earnings to N97.510 billion at Full Year 2019.

This and other highlights of the lender’s performance in the period under review are contained in Access Bank Plc Consolidated and Separate Financial Statements for the Year Ended 31 December 2019, posted on the website of the Nigerian Stock Exchange (NSE) Friday.

Gross Earnings enlarged by 26.1%, jumping from N528.745 billion at FY2018 to N666.754 billion in the corresponding period of last year, a feat which made the tier 1 bank Nigeria’s largest bank by revenue in 2019.

Net Interest Income leapt to N277.229 billion at FY2019 from N173.578 billion at FY2018, translating to a 59.7% growth.

Net Fees and Commission Income climbed by 41.1% from N52.495 billion at FY2018 to N74.047 billion at FY2019.

Profit Before Tax (PBT) advanced from N103.188 billion at FY2018 to N115.379 in the relative period of 2019, signalling an 11.8% increase.

Profit for the Year inched up by 3.6% from N94.981 billion at FY2018 to N97.510 at FY2019.

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Basic Earnings Per Share (EPS) however dwindled from N3.31 at FY2018 to N2.90 at FY2019 while Diluted EPS shrank to N2.85 at FY2019 from N3.25 at FY2018.

The Board of Directors of Access Bank have consequently announced a N0.45 per share final dividend, bringing the total dividend for FY2019 to N0.65 per share.

Shareholders whose names appear in the company’s register of members at the Close of Business on 14^th April 2020 will be eligible for the dividend payout.

The register of members will be closed on 15^th April 2020 preparatory to dividend payment on 30^th April 2020.

With outstanding shares in excess of 35.542 billion, Access Bank’s market capitalisation is over N302.134 billion as of today.

Its dividend yield is 5.68% while its Price to Earnings (PE) ratio is 2.80%.

The stock is trading above the estimated fair value according to Simply Wall Street.

Access Bank closed trade on the floor of the NSE on Friday at N8.80 per share.

Earnings Per Share is the profit that each unit of a company’s ordinary shares  yields  during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares.  Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.

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