Access Bank Plc has released its audited results for the year ended 31 December, 2017,with total Income of N459.1 billion, representing an increase of 20 percent over N381.3 billion recorded in 2016. The growth in total income was mainly due to a 29 per cent increase in interest income at N319.9 billion in 2017,(representing 84% contribution).from N247.2 billion in 2016.
However, Profit Before Tax, PBT, declined by 11 percent to N80.1 billion in 2017,compared to N90.3 billion in 2016.This was due mainly to the adverse lingering effects of the macro factors on asset quality in the industry. Asset Impairment charges amounted to N34.47billion in 2017,compared to N21.95billion, in 2016.
Net Interest Income(Interest Income less Interest Expenses) grew by 17 percent ,at N163,452 billion in FY 2017, compared to N139,148 billion in 2016.
Non-Interest Income grew by five percent to N139.1 billion, in 2017 from N133.4 billion in 2016.l
The growth in the group’s Interest nIncome was boosted by an expansion in its core business of credit lending,as loans and advances grew 11 percent to N2,064 trillion in 2017, from N1,855 trillion in December 2016.
Total assets grew 18 percent to N4,102 trillion in December 2017, from N3,484 trillion in the corresponding period in 2016.
Additionally, the group recorded an increase of 13 percent in shareholder returns of N515 billion in December 2017, from N454 billion in 2016.
The Group proposes a final dividend of 40kobo per share to its shareholders, in addition to 25kobo interim dividend paid during the period, making a total of 65kobo for the financial year.