Impressed with the strong financial performance in 2015 despite the difficult operating environment, shareholders of Access Bank Plc. have commended the board and management of the bank.
The shareholders, who gave the commendation at the bank's annual general meeting (AGM) in Lagos on Wednesday, also approved a final dividend of 30 kobo per share in addition to the interim dividend of 25 kobo, which was paid in September 2015.
Access Bank's profit rose from N52 billion in 2014 to N75 billion in 2015. Speaking on the bank's performance, the National Coordinator, Independent Shareholders Association of Nigerian (ISAN), Sunny Nwosu and President, Association for the Advancement of the Rights of Nigerian
Shareholders, Farouk Umar, applauded the bank's remarkable achievements and noted that the dividend payment was an indication of the resilient performance recorded in the year.
"Access Bank has consistently delivered on its dividend payout to shareholders compared to its peers in the banking industry. The bank's performance in 2015 is commendable in view of the difficulties that we had last year," Nwosu noted.
Addressing shareholders at the meeting, Chairman of the bank, Mrs. Mosun Belo-Olusoga, said that the group posted another year of strong earnings in 2015, as revenues grew by 38 per cent to N337 billion in 2015, from N245 billion in 2014. Profit also rose to N75 billion in 2015 from N52 billion in 2014.
"In 2015, we defied the odds and acted decisively to boost our capital, raising N41.7 billion of additional Tier 1 capital which met healthy demand from investors. This, in addition to the $400 million Tier II capital issued in 2014, provides the group with enhanced capacity to leverage market opportunities in target sectors and expand its digital banking capabilities," she said.
Also speaking at the AGM, Group Managing Director/ CEO, Access Bank Plc., Herbert Wigwe, explained that management has made significant strides in delivering on the bank's growth objectives.
"As we remain cautious in growing our existing business across geographies, we will place greater emphasis on expanding our retail business, improving cost discipline, proactively managing risk and strictly adhering to policies guiding our business," he said.
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