Access Bank Plc (ACCESS) released its 12 months audited results for the period ended December 31st, 2016, this afternoon, being 6th of March, 2017.
From the result gathered,
Gross Earnings grew by 13.02% y/y to N381.32 billion, so was Operating Expenses by 10.13% y/y.
Profit Before Tax increased significantly by 20.39% y/y to N90.34 bilion. This rise in PBT was as a result of their one-off transaction in disposal of ‘available for sale securities’ of N16.21 billion in addition to Other Operating Income.
Profit for the year / Profit After Tax rose slightly by 8.47% y/y to N71.44 billion after a tax surge of 106.12%y/y
Earnings per share (EPS) fell to N2.50 in the period, compared with N2.65 recorded in the previous year.
The directors also recommended a final dividend of N0.40 per share set for a closure date for 14th March, 2017 and a payment date set for 29th March, 2017.
Finally, ACCESS result was not impressive compared to the previous year in review with significant decline of 76.96%y/y from their securities trading business in terms of dividend. Though market conditions remains challenging, they hope to remain resilient in the execution of their bold strategy for increased growth and profitability.