The half year audited financial statement of Herbert Wigwe led bank indicated that the group gross earnings stood at N253.024 billion which is above N246.575 billion that was reported same period in 2017. Profit before tax dropped from N52.048 billion in 2017 to N45.842 billion in 2018.
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Profit for the period grew marginally from N39.459 billion in 2017 to N39.625 billion in the period under consideration. Other highlights of the financial shows that total liabilities for the period stood at N3.911 trillion from N3.586 trillion, lifted by the customer deposits which improved by N164.1 billion from N2.244 trillion to N2.408 trillion.
Shareholders’ funds however declined to N460.188 billion from N508.539 billion. A breakdown of its loan book shows that oil and gas remain its biggest play field, accounting for N525.567 billion, of which the oil services accounts for N234.541 billion; followed by upstream sub-sector with N149.094 billion; while government got N254.796 billion, slightly up from N252.844 billion.
The auditors, Messrs PwC however drew attention to the impairment on customer loans and advances to the tune of N104.3 billion. The bank was incorporated as a private limited liability company on February 8, 1989 and commenced business on May 11, 1989. The bank was converted to a public limited liability company on March 24, 1998 and its shares were listed on the Nigerian Stock Exchange on November 18, 1998.
The Bank was issued a universal banking license by the Central Bank of Nigeria on 5 February 2001. The Bank’s principal activities include the provision of money market products and services, retail banking, granting of loans and advances, equipment leasing, corporate finance and foreign exchange operations.
The Bank has the following international banking subsidiaries: Access Bank (Gambia) Limited, Access Bank (Sierra Leone) Limited, Access Bank (Zambia) Limited, The Access Bank (UK) Limited, Access Bank (Ghana) Plc, Access Bank Rwanda and Access Bank (D.R. Congo). The Bank also has Access Finance B.V, an offshore Special Purpose Vehicle used for the issuance of the U.S.$350,000,000, 7.25 Per Cent Guaranteed Notes which was due in 2017 guaranteed by the Bank.
This liability has long been fully redeemed. Access Finance B.V is currently undergoing a voluntary liquidation, following the redemption of the bond. The Bank also operates a Representative office in China, UAE, Lebanon and India. The Access Bank (UK) Limited operates a branch in United Arab Emirates (UAE).
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