Access Bank Plc released its financial result for the full year ended 31 December, 2015. The result showed that the Net interest income increased by 5.36% from N100 billion in 2014 to N105 billion in 2015. The bank also increased its net fee and commission income by 78.60% from N18.6 billion to N33 billion in 2015.
Pre-tax profits rose by 44.2% from N52 billion in 2014 to N75 billion in 2015, while Profit after tax increased by 53% from N43 billion in 2014 to N65.8 billion in 2015.
Access Bank proposed a final dividend of N0.30 kobo per share, with the closure date scheduled for April 13, 2016 while the date of payment is May 27, 2016.
Access Bank was trading at N4.15, down 7.89% as at press time.
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Note:Â The original version of this story got the 2014 pre-tax and after tax profit respectively for Access Bank wrong. This erroneously let to a higher than factually achieved profitability growth. The error is highly regretted.
I still find it difficult to belief all these banks’ result were not window dressed. Bank line of income shrunk in 2015 coupled with withdrawal of public fund. Reduction in crude price also affected performance of oil and gas loans, many of the loans went bad and probably restructured. Where is the growth in income coming from?