Access Bank shareholders endorse N11.57bn dividends for 2016

Shareholders of Access Bank Plc, on Wednesday approved total dividend of N11.57 billion declared by the bank for the financial year ended Dec. 31, 2016.

The shareholders gave the approval at the bank’s 28th Annual General Meeting (AGM) held in Lagos.

Newsverge reports that the dividend translated to 40k per share.

The bank had earlier paid 25k interim dividend to its shareholders during the period under review.

Speaking at the meeting, Mr Sunny Nwosu, the National Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) commended the bank for the performance in spite of the challenging operating environment.

Nwosu said that the shareholders were happy with the bank’s performance, dividend declared and accessibility in spite of restricted funds.

He called on the regulators to desist from shortchanging investors and shareholders through unfriendly rules and regulations.

Mr Timothy Adesiyan, the President, Nigeria Shareholders Solidarity Association (NSSA), commended the bank for what it was doing in spite of harsh operating environment.

Adesiyan appealed to the market regulators to reduce the rate of fines and penalties being meted out on quoted companies.

According to him, the regulators are witch hunting shareholders investments through fines and penalties.

Adesiyan said that market regulators should be more concerned with the growth of the capital market by ensuring friendly policies.

Mr Herbert Wigwe, the bank’s Chief Executive Officer, said that the bank would cement its position as a dominant corporate bank and a formidable retail player in the industry.

Wigwe added that the bank would leverage on digital technology and innovation to create value for its customers while unlocking new revenue streams.

According to him, the company will continue to deliver seamless and superior customer experience across all its service touch points.

“Although the macro-economic conditions and corresponding implications on the back king industry remain uncertain, our diversified banking model, robust balance sheet and solid management team gives us strength and resilience,’’ Wigwe stated.

He noted that the bank was creating a sustainable enterprise, noting that its subsidiaries were getting better every day.

Wigwe said that the bank was working with the governments of Lagos and Kebbi States to ensure that rice was no longer imported into the country.

Newsverge reports that the bank during the period under review announced gross earnings of N381. 32 billion as against N337.40 million recorded in the corresponding period of 2015, representing an increase of 13.02 per cent.

The bank’s profit before tax stood at N90. 34 billion, compared to N75.04 billion recorded in the previous year.

The profit after tax rose to N71.44 billion from N65.87 billion achieved in the preceding year.

Its total comprehensive income during the period under review rose to N103.5 billion from N66.22 billion reported in 2015, representing an increase of N37.29 billion or 56.37 per cent.

Shareholders’ funds appreciated by 23.6 per cent to N454.49 billion, in contrast with N367.80 billion in the corresponding period of 2015.