ACCESS BANK reports 564% increase in Profit before Tax (PBT)

ACCESS BANK reports 564% increase in Profit before Tax (PBT)

March 22 (Lagos) - Access Bank PLC reported a 564% increase in profit before tax of N16.3 billion for full year 2010. The huge percentage increase is because the bank reported a loss of N3 billion for 2009. The board has proposed a dividend of 50 kobo per share, up for shareholders' approval. Revenue rose to N91.1 billion.

Highlights of the balance sheet include rise in deposits of 15% to N509.6 billion. Loans rose 16% to N456 billion. Loans to Deposits ratio of 88.3% means the bank has adequate capital at hand to meets its 2011 goal of aggressive retail expansion drive.

Group CEO of Access Bank, Aigboje Aig-imoukhuede thanked the CBN for their initiative to ensure sustainable growth in the Banking sector. He said "The macro prudential initiatives instituted by the Central Bank of Nigeria to stimulate the Nigerian economy towards the path of sustainable growth and to ensure recovery of the Nigerian Banking sector have provided a launch pad for Banks with strong fundamentals to grow their business profitably. I am pleased to report that our 2010 performance places Access Bank amongst the leaders in the Nigerian banking industry and more importantly our focus on business sustainability will ensure the sustenance of our renewed growth trajectory."

Access Bank Group Deputy Managing Director, Herbert Wigwe said "I am pleased that we almost doubled our gross earnings from Commercial Banking business in the financial year ended 2010. This combined with successful efforts to recover provisioned assets ensured the segment returned to strong profitability. Our treasury business contributed strongly to bottom line profits, whilst our increased lending to top corporates clients by our Institutional Bank came at reduced margins. We see tremendous opportunities in our Retail Banking segment and have made significant various investments around personnel, risk management capacity, and product development all geared towards an aggressive retail expansion drive in 2011".

Access Bank plc is a full service commercial bank operating through a network of over 110 branches and service outlets located in all major commercial centers' and cities across Nigeria and in 7 African Nations and the United Kingdom.

Access Bank Plc was incorporated in 1989 as a private limited liability company with ownership residing with Nigerians and Nigerian institutional investors. The Bank was subsequently listed on the Nigerian Stock Exchange in 1998. In January 2002, it was successfully recapitalized and consequently came under its current leadership.

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