Access Bank Plc announced its full-year financial results for 2021, revealing a profit after tax (PAT) of N160 billion.
This represents a 51.13 percent increase over the previous year’s figure of N106 billion.
In addition, the bank reported earnings per share of N4.58, up 52.16 percent from N3.01 in 2020.
According to the report, the Tier-1 lender’s profits have increased by 167 percent in four years, from N60 billion in 2017 to N160 billion now.
Net interest income increased 14.64 percent from N262.95 billion in 2020 to N301.46 billion in the current period, according to a bank statement.
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The profit performance of Access Bank is based on all margin growth, as interest income, trading income, fees and commission income all increased year over year.
The top lender made N601.70 billion in interest income from its lending business, up 22.99 percent from N489.22 billion, while net interest income after impairments increased 9.09 percent to N218.25 billion.
Despite a 32.3 percent increase in loan losses, this demonstrates the bank’s resilience and aggressive pursuit of deposits.
The bank revealed that commission and fee income increased 36.40 percent year on year to N159.18 billion.
It also made a total of N166.10 billion in trading income on securities, an increase of 423.35 percent over the previous year.
The bank’s e-banking revenue increased by 18 percent from N56.09 billion in 2020 to N66.28 billion.
In addition, the group’s customer deposits increased by 24.47 percent to N6.95 trillion, while its total assets increased by more than twice to N11.73 trillion, more than doubling the bank’s total assets in 2018.
The bank’s Board of Directors has proposed a final dividend of N0.70 per share, payable to shareholders on the register of shareholding at the close date on each of the 35,545,225,622 issued ordinary shares.
In September 2021, the company paid an interim dividend of N0.30 kobo, bringing the total dividend for the financial year to N1.00.
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