Posted by By Sun News Publishing on
Access Bank Plc has recorded an increase of 137 per cent in profit before tax, rising from N8 billion in 2007 to N19 billion.
Access Bank Plc has recorded an increase of 137 per cent in profit before tax, rising from N8 billion in 2007 to N19 billion. The bank also recorded a commendable 107 per cent growth in gross earnings, increasing from N28 billion to N57.6 billion.
Access Bank has in the financial ended March 31, 2008 reinforced its impressive five - year unbroken triple digit growth history across key performance indices. The result attests to the bank's exceptional capacity for growth and sustained quality performance.
The bank's sterling financial performance has resulted in the declaration of an impressive N10.5bn as dividend pay out, subject to approval at its AGM, thereby fulfilling its promise of delivering superior returns to shareholders. By the performance, the bank has surpassed its revised forecast for the year. Worthy of note is the positive impact of the bank's successful public offer with shareholders fund now worth N172 billion representing a 508 per cent growth over the period.
The result recently approved by the Central Bank and released on the floor of the Stock Exchange, revealed that the bank's total assets and contingents continued on the upward trend as it grew 194 per cent from N408.7 billion in 2007 to N1.2 trillion. The outstanding growth in balance sheet is demonstrative of the underlying growth of public confidence in the Access Bank franchise aided by effective deposit mobilization strategies and the development and introduction of innovative and solution - based financial products.
Asset quality and efficiency measurement indices also revealed significant improvements. Non - performing loans to total loans ratio decreased to 3 per cent from 9 per cent while cost to income ratio declined from 65 per cent to 52 per cent indicating the potency of the bank's introduction and adoption of global best practice in risk management and cost optimization strategies.
The reassuring quality of the result is strongly indicative of the bank's commitment to its strategic goal of becoming one of the top three financial services groups in Nigeria by 2012.