Access Bank Plc one of Nigeria’s top tier lenders and biggest in Assets and Customer size has released its Q4 2019 financials to the public. The result published by the Nigerian Stock Exchange (NSE) today show that the bank’s Pre-Tax profit rose by 12% to N115.4bn.
The bank’s growth in profit was propelled by impressive 60% growth in Net Interest Income, 41% growth in Net Fee and Commission Income and a massive 324% rise on Other Operating Income.
Here is the highlight of the Access Bank Q4 2019 results
- Net Interest Income up by 60% from N173.6bn to N277.2bn in Q4 2019
- Impairment Loss Charges rose by 38% to N20.19bn from N14.66 in Q4 2018
- Net Fee and Commission Income rose by 41% to N74.05bn from N52.49bn in 2018 FY
- Net Trading Loss rose significantly to N83.88bn from N23.77bn in Q4 2018
- Other Operating Income was also up by 324% from N13.18bn to N55.84 bn in Q4 2019
- Staff Cost was also up by 35% from N57.14bn to N76.96bn in Q4 2019
- Other Operating Cost was also up by 30% to N151.09bn from N116.15bn in Q4 2018
- Profit Before Tax was up by 12% from N103.19bn to N115.38bn in 2019 FY
- Profit Sfter Tax was also up by 3% from N94.98bn to N97.51bn in Q4 2019
- Earning per share however dropped by N12% from 325kobo to 285kobo per share in 2019 FY
The Balance Sheet size of Access Bank however had an impressive double digit growth as Total Asset grew by 44% to N7.15trn. Customer Loan also grew by 46% to N2.91trillion in Q4 2019.
The bank’s Customer Deposit grew by 66% from N2.56trn in 2018 FY to N4.26trn in 2019 FY while Owner Equity also grew by impressive 24% to N610bn.
The bank has also announced a 65kobo per share total dividend. Haven declared a 25kobo in half year, the bank will be paying its shareholder additional 40kobo per share in final dividend for the 2019 financial year.
Consequently, the bank will be closing its books for registration of shareholders on April 15 2020 and only shareholders whose names appeared in the register as at 14 April 2020 will be paid the year 2019 dividend.
The bank also mentioned that dividend will be paid out on April 20 2020 electronically.