Access Bank releases result, rakes in N90.3bn on full year profit for 2016
Leading money deposit bank, Access Bank Plc has announced its audited results for the full year ended 31 December, 2016 and proposed a final dividend of 40 Kobo per share bringing the total dividend for the year to 65 Kobo.
The audited financial results released to the Nigerian Stock Exchange (NSE) showed strength and robust growth across all its four business lines despite a weak and volatile macro-economic backdrop.
The group posted total revenue of N381.3 billion and profit before tax of N90.3 billion, accounting for 13 percent and 20 percent increases respectively over the same period in 2015.
According to the figures key drivers of the growth include a 20 basis points margin expansion on the back of a 32 percent year-on-year growth in net interest income of N139.1 billion. Non-interest income accounted for 49 percent of growth in operating income of N272.6 billion compared to N234.8 billion in 2015.
In his remarks on the encouraging result, Group Managing Director/CEO Mr. Herbert Wigwe, said, “The full year 2016 results demonstrate the effective execution of our strategy underpinned by a robust risk management framework. With strong business fundamentals, our position in the top tier was further consolidated in the industry.”