Access Bank reports N459.08bn gross earnings in 2017

Access Bank Plc on Wednesday announced gross earnings of N459.08 billion for the financial year ended December 31, 2017.

Our correspondent reports that the gross earnings grew by N77.76 billion or 16.94 per cent compared with N381. 32 billion recorded in the corresponding period of 2016.

The bank’s audited result, released by the Nigerian Stock Exchange (NSE), showed that profit before tax declined to N80.07 billion from N90.34 billion in 2016.

The profit before tax dropped by N10.27 billion or 11.36 per cent when compared with N90.34 billion achieved in the previous year.

It was reported that profit for the year stood at N61.99 billion from N71.44 billion posted in 2016.

An analysis of the bank result showed that total impaired loans and advances stood at N 101.36 billion from N36.61 billion recorded in 2016.

Interest income rose to N319.85 billion from N247.29 billion achieved in the comparative period of 2016.

Net interest income also grew to N163.45 billion from N139.15 billion, while fees and commission income rose to N56.67 billion against N55.44 billion reported in the preceding year.

The result showed that total assets surged to N4.10 trillion from N3.48 trillion in 2016.

The board proposed a final dividend of 40k per ordinary share held by investors.

The bank had earlier paid interim dividend of 25k, the same amount paid in the previous year.