Swimming against the tide of a seemingly harsh micro-economic environment, Access Bank has projected strength once again with an impressive performance in its audited results for the year ended 2019.
The banking giant recorded an 11.8 per cent increase in profit in the period of review.
The gross earnings also edged up 26.1 per cent to N666.75billion in 2019 from N528.74 billion it achieved in the corresponding period of 2018.
The net interest income for full-year 2019 rose 59 percent to N277.2 billion as against the N173.6 billion, which was recorded for the corresponding period for 2018.
Market observers believe that the bank’s impressive performance was boosted by the bank’s net fee and commission income for full-year 2019 stood at N74.05 billion as against the N52.5 billion for the corresponding period for 2018. This represents an impressive 41 per cent increase
With creative and efficient management, the lender grew its profit before tax for the group for full-year 2019 by 11.8 per cent to N115.38 billion from the N103.2 billion that was recorded for the corresponding period in 2018.
Its profit after tax also rose 2.7 per cent to N97.5 billion as against the N94.98 billion which was achieved in a similar period in 2018.
The bank’s balance sheet revealed that there was a massive jump in loans and advances to customers which grew by 46.04 per cent from N1.9 trillion to N2.9 trillion in 2019.
Deposits from customers as at December 31, 2019, almost doubled as it grew by 65.9 per cent to N4.25 trillion as against the N2.56 trillion which was recorded for the corresponding period in 2018.
The bank’s board of directors declared a final of 40 kobo per share.
This brings the total dividend payout for the financial year ended December 31, 2019, to 65 kobo per share.
Whereas the bank’s performance according to analysts revealed strength and goal oriented financial institution, they cautioned the management on the rising personnel expenses and other operating expenses which rose by 34 per cent and 30 per cent respectively.