SHAREHOLDER of Access Bank Plc has approved the proposed 40kobo per share final dividend bringing the total dividend for the year to 65 kobo.
At Bank’s Annual General Meeting (AGM), on Wednesday, shareholders of the company unanimously gave approval to the dividend payable the same day.
Speaking at the AGM, the Group Managing Director and Chief Executive Director of Access Bank Plc, Herbert Wigwe, explained that despite the challenging economy, year 2016 was a year of progress for the bank as many of the strategic choices made by the bank over the years were validated when tested by the economic recession.
He noted that the company was further fortified by the successfully raised $300million senior unsecured notes and N35billion commercial paper, thus strengthening the bank’s balance sheet and providing it with the flexibility to take advantage of attractive opportunities during the downturn.
“The Group reported gross earnings of N381billion, up 13 per cent from 2015. Profit before tax grew by 20 per cent to N90billion from the previous year in line with our strategic growth plan. Revenue rose across all operating division with significant support from the retail business, posting N12billion in profit before tax and contributing 11 per cent to Group profit,” Wigwe said.
Looking to the future, the Chairman of Access Bank Plc, Mosun Bello-Olusoga, said the bank would remain focused in its pursuit of shareholder value, adding that it would “continue to provide the stability and strategic direction the Bank requires to deliver operational excellence in our bid to become the World’s Most Respected African Bank.
The GMD/CEO added that to secure the Bank’s aspiration to be a high performing diversified banking leader focusing on global best practices, it was vital to maintain disciplined capital position and tightened risk tolerances.
He noted that top priorities of the Bank in the coming year was to cement its position as a dominant corporate bank and establish the bank as a formidable retail player; leverage digital technology and innovation to create value for customers, while unlocking new revenue streams; and deliver seamless and superior customer experience across all service touch points.
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