Access Bank Plc has announced a final dividend payment of N24.88 billion for the financial year ended December 2021.
This amounts to 70 kobo, per share, taking the total dividend to N1.00 per share. As an interim dividend of 30 kobo per share which was paid on September 29, 2021.
Access Bank audited results released to the Nigerian Exchange (NGX) Limited showed that the gross earnings stood at N971.9 billion for the financial year ended December 31, 2021, representing an increase of 27 per cent over N764.7 billion posted in the financial year 2020.
Also, profit before tax for the period rose by 40 per cent Year-on-Year to N176.7 billion from N125.9billion in 2020. Profit after tax also grew by 51 per cent to N160.2 billion from N106.0 billion in 2020.
The assets base of the Group remained strong and resilient with total assets of N11.7 trillion as at December 2021, representing a growth of 35 per cent from N8.7 trillion in 2020.
Other performance indicators show that customer deposits stood at N7.0 trillion as at December 2021 from N5.6trillion in 2020. Net Loans and Advances stood at N4.4 trillion as at December 2021 from N3.6 trillion in 2020. Non-Performing loans (NPL) ratio stood at 4.0 per cent as at December 2021 as against 4.3 per cent in 2020.
Speaking on the result, chief executive officer, Access Bank, Herbert Wigwe, said, “Our diversified business model yielded positive sustainable results, guided by a robust risk management framework, as we grew the business cautiously and recorded sound prudential ratios. This year’s results reinforce our resolve to generate sustainable returns despite challenging market conditions.
“We sustained robust capital and liquidity positions, well above regulatory levels with a Basel II Capital Adequacy Ratio of 24.5 per cent and a Liquidity Ratio of 51.0 per cent.
Bank to support our customers across various markets and adequately execute our expansion strategy.
“To actualise our vision of becoming the world’s most respected African Bank and Africa’s Payment Gateway, we have taken strategic strides to create indelible footprints across the African continent. These include our most recent additions in South Africa, Botswana, and Guinea We also strengthened our business in Mozambique and Zambia, with noticeable improvement in rankings and market share.”
He stated further that “2022 is pivotal for our franchise, as we conclude our 2018-2022 corporate strategic plan. In the year, we will focus on a disciplined implementation of our strategy to drive efficiency and operational excellence across all segments, expand revenue and increase profitability, with enhanced focus on risk management practices and a disciplined cost containment structure.”
He added that, “As we go into our next five-year strategy cycle, we are realigning the franchise for growth, by transitioning into a Holding Company (HoldCo). This will enable us to unlock and capture available non-banking opportunities in the market, that would lead to the diversification of our earnings, drive efficiency, and grow scale while maintaining our moderate risk management approach.
“Having met regulatory requirements and obtained the Court Sanction, we expect the HoldCo to become operational is the first half (H1) of 2022. This will lead to the delisting of Access Bank Plc’s shares on the Nigerian Exchange (NGX) and listing of Access HoldCo shares.”