Access Bank assures shareholders of adequate capital to tackle CBN headwinds

Access Bank has expressed optimism that its $400 million euro-bond and rights issue of N58 billion capital initiatives would support its growth plans in spite of regulatory challenges.
The bank’s Chief Executive Officer, Mr Herbert Wigwe, gave the assurance while addressing shareholders at the company’s 26th Annual General Meeting (AGM) in Lagos.
Wigwe said that the fully subscribed capital raising embarked on by the bank in 2014 would support its growth strategy in spite of tight regulatory policies.
He promised that the bank would maintain strong risk management strategy to ensure healthy financial position.
Wigwe also promised that the bank would ensure enhanced customer satisfaction across all business lines to maximise returns to shareholders.
According to Wigwe, the bank will place more emphasis on retail business end in the current year to enhance stakeholders’ return on investment.
“We will take actions to mitigate the negative effects the macroeconomic environment may have on the industry,” he said.
The bank’s chairman, Mr Gbenga Oyebode, said that the company would maintain strong capital, liquidity and effective risk management systems to reduce costs.
Oyebode said that the bank was committed to the goal of reaching the pinnacle in Nigeria and in sub-Saharan Africa.
He attributed the bank’s performance to the efforts of the management and workers in value creation.
Shareholders at the meeting approved N13.73 billion dividend or 60k per 50k share for the financial year ended December 31, 2014.
Dr. Farouk Umar, the President of Association for Advancement of Rights of Nigerian Shareholders, commended the bank for the improved results and dividends in spite of unfriendly economic environment.
Umar also lauded that bank for the 60k dividend declared against the 10k dividend declared by some banks.
He said that the bank’s branch expansion and diversification exercises across the country would increase its bottom line.
Mr Boniface Okezie, the President of Progressive Shareholders Association of Nigeria (PSAN), commended the bank’s management and workers for the result.
Okezie said that shareholders were proud of the bank because it performed better than others, adding that the tempo should be maintained in the years ahead.
He called on the Central Bank of Nigeria (CBN) to support the growth of the banking industry with friendly regulatory policies.
The bank posted gross earnings of N245.22 billion during the period under review or 18.5 per cent increase over the N206.89 billion achieved in 2013.
Its profit before tax rose by 19.5 per cent to N52.02 billion against N43.53 billion made in 2013, while profit after tax stood at N43.06 billion from N36.03 billion in 2013, an increase of 19.5 per cent.
The bank’s shareholders’ funds appreciated by 13.5 per cent to N277.41 billion from N244.48 billion posted in 2013.