Photo Caption: From Left; Paul Usoro Non-Executive Director, Roosevelt Ogbonna Group Deputy Managing Director, Herbert Wigwe Group Managing Director, Mosun Belo Olusoga Chairman and SundayEkwochi Company Secretary At Access Bank Plc Annual General Meeting (AGM) in Lagos
Yemisi Izuora
Shareholders of Access Bank Plc has lauded the banks Management and Board for the payment of 65 kobo dividend on their investment.
The Bank on Wednesday paid a final dividend of 40 kobo per share, against earlier paid 25 kobo to its shareholders.
Speaking during the Bank’s Annual General Meeting (AGM), in Lagos, Adebayo Adeleke, speaking on behalf of Independent Shareholders Association of Nigeria (ISAN) commended the Bank for its investment decisions and remaining on the path of growth despite various challenges.
Speaking also, Taiwo Oderinde advised the Bank to invest more in training as part of measures to facilitate more growth and profit.
According to the shareholders, the growth strategy instituted by the bank in 2013 to 2017 and the current five years strategic corporate growth plan in the bank will further boost operations and help return high yield to investors.
The bank posted a gross earnings growth of 20 per cent, from N381.1 billion in 2016 to N459.1 billion in the corresponding year of 2017.
Profit after tax and profit before tax stood N61.9 billion and N80.1 billion in 2017 respectively, Also shareholders fund and customers deposits climbed by 13.4 per cent and 7.5 per cent from N454.5 billion in 2016 to N515.4 billion 2017 and N2.1 billion in 2016 to N2.2 billion in 2017.
Addressing shareholders, the Group Managing Director, Mr. Herbert Wigwe said while the bank has not failed in its duties to make shareholder smile every year, its growth plans of 2013 to date has resulted in the bank’s N4 trillion mark balance sheet, grow its branches to 400 just as it has enable the bank to increase its customers base from 6 million in 2013 to 9 million in 2017.
“We are having increase in all indices, in Earnings Per Share, Cost of Risk, Capital Adequacy Ratio which are the major keys, financial institutions are measured, is plus for our bank. Looking at the topline of major banks, we are doing well. Our new 5 year growth corporate strategic plan will capture what we did not achieve in 2013 to date. We are among the three topline bank in the domestic economy. We shall continue to invest in our staff training. As a customer friendly institution we have set-up an IVR center and ombudsman complain call center to tackle complaints from customers.
Commenting on the results, Wigwe said, “Our operating performance in 2017 was impacted by the residual effects of macro-economic conditions of 2016, characterised by slow economic expansion and adverse credit conditions, which resulted in making conservative provisions on our loan book. Despite the macro and regulatory headwinds, our underlying business remained strong as reflected in the gross earnings growth of 20 percent to N459 billion in 2017.
We grew our loan book to position it for improved earnings, whilst driving deposit mobilization from targeted segments to diversify our funding base, he added.
Chairman of the Bank, Mosun Belo Olusoga also used the opportunity to assure shareholders of sustained growth in the coming years.