By Fola James
Access Bank’s merger with Diamond Bank has proved significant in the DMBs overall growth in the last financial year, contrary to earlier speculations market analysts say.
The assertion came on the crest of release of the Herbert Wigwe led bank’s audited financial report for the year ended December 31, 2019, which indicates a huge growth in its total asset to over N7trn.
The bank has also disclosed that profit before tax stood at N115.38 billion as against N103.2 billion recorded for the corresponding year 2018.
The board has now proposed a final dividend of N0.40 kobo for every unit of share, bringing the total dividend for the financial year ending December 31, 2019, to N0.65 kobo.
Recall that the financial behemoth merged with now defunct Diamond Bank last year.
Since then, the bank has sustained performance in core areas such as increased loan performance while customers deposit has increased significantly, analysts say.
The bank’s balance sheet also indicate loan advances to customers also increased within the year: loans and advances to customers stood at N2.9 trillion as against the N1.9 trillion recorded in the corresponding year 2018.
“This represents an increase of close to 50 per cent in line with CBN directive last year,’ Debo Oguniran, a financial expert in Lagos said.
Deposits from customers in 2019, stood at N4.25 trillion as against the N2.56 trillion reported in 2018.
Profit after tax stood at N97.5 billion as against the N94.98 billion, a 2.7 per cent increase compared with 2018.
Gross earnings as of December 31, 2019, stood at N666.75 billion as against the N528.74 billion for corresponding year 2018, the bank said.
Net interest income stood at N277.2 billion as against the N173.6 billion, a huge 59.7 per cent increase against 2018 figure.
Meanwhile, Forbes, foremost rating body has ranked Access Bank as the overall best company in Corporate Social Responsibility (CSR) and Sustainability in Nigeria for the year 2019.
The bank was selected among other ranking 910 organizations operating in Nigeria for a priod of 13 years.
Forbes says it took into cognizance Access Bank’s support for life transforming projects, through Corporate Social Responsibility, CSR across the country within the period under review.
The bank has reiterated its plan to continue to invest in humanitarian projects across the world
“Access Bank has a corporate strategy and philosophy which places sustainability at its core. We ensure that our projects and initiatives are impactful and strategically linked with the United Nations Sustainable Development Goals,” Omobolanle Victor-Laniyan, the banks’ Head, Sustainability, said.
