Access Bank says it is committed to delivering more than banking solutions to its customers, leveraging the power of technology
By Eugene Onyeji
Nigeria’s biggest lender by asset, Access Bank Plc, has beaten profit expectations as its profit after tax (PAT) rose to N160.22 billion from N106.01 billion in 2020, representing a 51.13 per cent increase year on year.
Access Bank Plc has grown its profits by 167 per cent in 4 years since hitting N60 billion in 2017 with the profit now slightly hitting above N160 billion.
According to the figures released, Access Bank reported Gross earnings in the sum of N971.8 billion, an amount that represents a 27.09 per cent growth over N764.7 billion recorded in the year 2020, while its net interest income grew by 14.64 per cent from N262.95 billion to N301.46 billion in the current period.
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Despite a 32.3 per cent significant increase in loan losses, net interest income after impairments still appreciated by 9.09 per cent to stand at N218.25 billion while profit before tax (PBT) grew 40.33 per cent from N125.9 billion to N176.7 billion.
Access Bank also reported earnings per share (EPS) of N4.58, a 52.16 per cent growth from the N3.01 reported in the previous financial year. The bank’s e-banking income raked in N66.28 billion, representing an 18 per cent jump from N56.09 billion in 2020, suggesting that the bank has improved in its utilization of the e-banking channels in the delivery of financial services to its customers.
Access Bank saw a 63.5 per cent decline in its net gain from financial instruments to N44.7 billion compared to N122.6 billion in 2020.
The bank made a profit of N101 billion on net foreign exchange gains compared to a loss of N7.56 billion in 2020.
Personnel expenses pitched 31.4 per cent to N96.1 billion compared to the N73 billion recorded in the previous year.
Our further review disclosed that Access Bank also grew its deposits from customers by a whopping 24.47 per cent to N6.95 trillion while its total assets are now N11.73 trillion, more than twice the bank’s total assets in 2018. Net assets rose 39.81 per cent to N1.05 trillion.
The bank’s Board of Directors has proposed a final dividend per share of N0.70 per share, paid from retained earnings account as of December 2021.
Access Bank had earlier paid an interim dividend of N0.30 kobo in September 2021, bringing the total for FY 2021 to N1.00 kobo.
The proposed dividend will be presented to shareholders for approval at the next Annual General Meeting (AGM) and paid subject to withholding tax at an appropriate rate.
Access Bank says it is committed to delivering more than banking solutions to its customers, leveraging the power of technology.