Access Bank declares N42.9bn PAT for 2014

Access Bank Plc made a profit after tax of N42.976bn in 2014, the bank’s audited results for the period showed.

The figure represents an 18 per cent increase on its PAT for the 2013 financial year, which stood at N36.298bn.

The results, for the financial year ended December 31, 2014, also showed that the bank grew its profit before tax by 20 per cent from N43.531bn a year earlier to N52.022bn in the year under review.

The bank’s gross earnings were up by 18.5 per cent from N206.891bn to N245.218bn, while its total assets rose by 15 per cent from N1.835tn to N2.104tn.

The results also showed that the basic earnings per share was up by 19 per cent from N1.58 to N1.88, while the basic earnings per share – continuing operations rose by 20 per cent from N1.57 to N1.88.

The bank’s Board of Directors has proposed a final dividend of 35 kobo per share, having paid an interim dividend of 25 kobo per share.

That would bring the total dividend for the year to 60 kobo per share, the same amount it paid as dividend in 2013.

According to the result, the closure date for the dividend is April 2014.

It is expected to be paid on May 7, the same day it would be presented to the shareholders for approval at the bank’s Annual General Meeting.

Commenting on the result, analysts at FBN Capital Research said the results showed that Q4 2014 PAT grew by 24 per cent year-on-year to N12.2bn, faster than the 16.8 per cent year-on-year growth on the PBT line.

“The boos to the bottom line was driven purely by a N3.5bn positive result on the other comprehensive income line,” they noted.

In terms of the PBT, they said, “Both funding income and non-interest income contributed to the strong double-digit growth, rising by 33 per cent and 16 per cent, respectively. These more than offset an 87 per cent year-on-year increase in loan loss provisions and a 21 per cent year-on-year increase in opex.”

SOURCE : Punchng


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