Home Finance & Economy Access Bank posts above N7trn in total assets

Access Bank posts above N7trn in total assets

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Access Bank Plc in its audited financial for the year ended December 31, 2019, has crossed N7trillon threshold in total assets following an increased performance in loan to customers and deposits from customers.

The financial institution last year merged with Diamond bank Plc to become one of the leading Domestic- Systematic Important Bank (D-SIB) in the country.

Access bank in 2019 audited results reported N7.15 trillion in total assets compared to N4.95trillion reported in 2018.

The bank’s balance sheet shows that there was a massive jump in loans and advances to customers. The financial statement shows that loans and advances to customers in 2019, stood at N2.9 trillion as against the N1.9 trillion which was recorded in the corresponding period of 2018. This represents a 46.04per cent increase.

Deposits from customers in 2019, stood at N4.25 trillion as against the N2.56 trillion reported in 2018, 65.9 per cent increase.

The management of Access bank proposed a final dividend of N0.40 kobo for every unit of share, bringing the total dividend for the financial year ended December 31, 2019, to N0.65 kobo (N0.20 interim dividend was paid last year to shareholders

Access Bank Plc showed significant improvement in most of its performance indicators as it increases its profit by 11.8 per cent.

The profit before tax for the group for full-year 2019 stood at N115.38 billion as against the N103.2 billion that was recorded for the corresponding period in 2018. This represents an 11.8 per cent increase.

The profit after tax for the group for full-year 2019 stood at N97.5 billion as against the N94.98 billion which was achieved in a similar period in 2018. This represents a 2.7 per cent increase.

The gross earnings as of December 31, 2019, stood at N666.75 billion as against the N528.74 billion. which was recorded for the corresponding period for 2018. This shows a 26.10 per cent increase.

The net interest income for full-year 2019 was N277.2 billion as against the N173.6 billion, which was recorded for the corresponding period for 2018. This represents a massive 59.7 per cent increase.

The Group’s net fee and commission income for full-year 2019 stood at N74.05 billion as against the N52.5 billion for the corresponding period for 2018. This represents an impressive 41 per cent increase.

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