Shareholders Commend Access Bank’s 2019 Performance At AGM
It was commendation galore at the 31st Annual General Meeting (AGM) of Access Bank Plc held in Lagos as shareholders hailed the Board of Directors, Management and Staff of the Bank for the highly impressive performance for the 2019 financial year.
The meeting, which was held by proxy due to the COVID-19 pandemic, had three leaders of various shareholders’ association present.
Sir Sunny Nwosu of Independent Shareholders Association of Nigeria (ISAN), Mr. Owolabi Peters of Integrated Shareholders Association of Nigeria and Mrs. Bisi Bakare of Pragmatic Shareholders Association of Nigeria, said despite the challenging operating environment, Access Bank Plc did no only record improved results, but also rewarded shareholders with good a dividend that is very timely given the difficulties created by the COVID-19 pandemic.
For instance, Nwosu said Access Bank Plc had a good foresight by merging with defunct Diamond Bank Plc, noting that “the professional and seamless manner with which the integration was done should be commended and shareholders appreciate the board and management.”
According to him, the future remains very bright for all shareholders, considering the synergy the merger has brought to the Bank and the expertise the management and staff continued to deploy to ensure Access Bank maintains a leading role in the retail banking space.
Nwosu also commended leading efforts of Access Bank in the private-sector-led Coalition Against COVID-19 (CACOVID), supporting the Federal Government to fight the pandemic.
On her part, Mrs. Bakare said unlike some of its competitors, Access Bank has Recorded increased profits in the past three years, noting that shareholders have confidence in the board and management to continue to deliver improved performance, going forward.
In his address, Group Managing Director/CEO, Access Bank Plc, Dr. Herbert Wigwe, said Group delivered a 26 per cent increase in gross earnings of N666.8billion From N528.7billion in 2018, comprising interest income growth of 41 per cent from previous levels toN155.9billiondespite declining interest rate environment.
“The effects of an enlarged loan book contributed significantly to the interest income growth of N155.9billion (+41 per cent y/y), leading to strong bottom-line figures.
The net effect on operating income resulted in strong profit before tax (PBT) of N115.4billion against N103.2billion in 2018. The strength of the performance reflects a growing franchise supported by digital capabilities and improving customer service touchpoints.
The retail business gained momentum, leveraging opportunities in key sectors to consolidate market share dominance through our digital loans.
The wholesale business also continued to soar in the year, following intense marketing drive and continued investment in the sector to deliver stronger synergies,” he said.
, Mr. Owolabi Peters of Integrated Shareholders Association of Nigeria){kind=link}