Access Bank Plc has released its audited financial statement for full-year 2019, which shows significant improvement in most of its performance indicators. In a notification which was sent to the Nigerian Stock Exchange, the banking giant recorded an 11.8% increase in profit for the period under review.
The gross earnings as at December 31, 2019, stood at N666.75 billion as against the N528.74 billion. which was recorded for the corresponding period for 2018. This shows a 26.10% increase.
The net interest income for full-year 2019 was N277.2 billion as against the N173.6 billion, which was recorded for the corresponding period for 2018. This represents a massive 59.7% increase.
The bank’s net fee and commission income for full-year 2019 stood at N74.05 billion as against the N52.5 billion for the corresponding period for 2018. This represents an impressive 41% increase.
The profit before tax for the group for full-year 2019 stood at N115.38 billion as against the N103.2 billion that was recorded for the corresponding period in 2018. This represents an 11.8% increase.
The profit after tax for the group for full-year 2019 stood at N97.5 billion as against the N94.98 billion which was achieved in a similar period in 2018. This represents a 2.7% increase.
The bank’s balance sheet shows that there was a massive jump in loans and advances to customers. The financial statement shows that loans and advances to customers as at December 31, 2019, stood at N2.9 trillion as against the N1.9 trillion which was recorded in the corresponding period of 2018. This represents a 46.04% increase.
Deposits from customers as at December 31, 2019, stood at N4.25 trillion as against the N2.56 trillion which was recorded for the corresponding period in 2018. This represents an impressive 65.9% increase.
In a related development, the banking group has declared a final dividend of 40 kobo per share. This brings the total dividend payout for the financial year ended December 31, 2019, to 65 kobo per share.
According to Nairametrics report in September 2019, Access bank declared an interim dividend of 25 kobo per share for the half-year June 30, 2019.
You can download the full report here.