Access Bank plots continental gateway status in five years
By Nsikan Ikpe
Access Bank Plc, one of the leading financial institutions in Nigeria has outlined its determination to boost its overall business performance even as it is also reiterating it commitment to working out fitting strategies that would promote the further sustainable growth of the firm in the interest of its shareholders.
Speaking at the 29th Annual General Meeting (AGM) of the institution in Lagos, the Chairman, Access Bank PLC, Mrs. Mosun Belo-Olusoga, said the bank would continue to introduce strategies to ensure that it becomes Africa’s leading financial gateway to the world within the next five years.
‘We will continue to deliver sustainable growth, our overall performance underscores our commitment to continue carryout strategy policies that would generate sustainable economic returns, while maximizing shareholders value,’ she said.
As part of measures to achieve its strategic growth objectives, she further explained that the board is committed to strengthening the bank’s funding and capital base as well as ensuring even enhanced profitability through instituting an even more robust capital structure.
The year 2017, according to her was an interesting period for the bank, noting that the bank would always strive to deliver sustainable economic growth that is profitable.
During the 2017 financial year, the bank declared and paid an interim devidend of N0.25 Kobo per 50 kobo share and paid a final dividend of N0.40 for every 50 kobo ordinary share, bringing the total dividend paid for the 2017 financial year to N0.65 kobo per share.
Gross earning stood at N459,075,779 billion compared to N381, 320,783 indicating a significant increase. Profit before tax decreased to N80 billion in 2017 from N90 billion in 2016, while profit after tax also decreased to N61 billion in 2017 from N71 billion in 2016.
Total assets as at December 31, 2017 stood at N4.1 trillion representing an 18 percent increase over the N3.5 trillion recorded in 2015 while loans and advances grew by 11 percent to N2.1 trillion in 2017 from N1.9 trillion in 2016.
In his own submissions, the Group Managing Director/CEO, Mr. Herbert Igwe expressed hope for the sustainable future of the bank.
Underscoring this upbeat position, the group posted revenues of N459 billion, a 20 percent increase from the previous year, reflecting what Wiwe described as ‘the strength and sustainability of its diversified business and enhanced retail market penetration.’
The Access Bank boss also assured shareholders that the year 2018 would mark the continuation of a journey that would move to everybody to the next destination, namely, the intensification of the dream to position the bank as ‘Africa’s Gateway to the world’.
“This will be the year to redefine our market position not only in Nigeria but across the continent. The year ahead presents a defining opportunity for us to break new grounds and move closer to our goal of becoming the world’s most respected African Bank,’ he declared.
L-R: Herbert Wigwe, GMD/CEO; Mosun Belo-Olusoga, Chairman, and Sunday Ekwochi, Company Secretary, all of Access Bank Plc, during the 29th Annual General Meeting (AGM) of the Bank in Lagos.