JUST-IN: Access Bank reports N176.7bn PBT in 2021, hits N11.7trn in total assets
Access Bank Plc has reported N176.7billion profit before tax in the financial year result and accounts for the period ended December 31, 2021.
The Pan-African bank’s profit before tax rose by 40.3 per cent when compared to N125.9billion reported in the prior year’s results.
The audited results on the Nigerian Exchange Limited (NGX) showed 51.1 per cent increase in profit after tax to N160.22billion in 2021 from N106.01billion reported in 2020.
The growth in profit was driven by N101.1billion net foreign exchange gain in 2021 from a loss of N7.6billion reported in 2020 and N156billion fee and commission income reported in 2021 from N122.7billion reported in 2020.
With the significant increase in profit, the bank proposed a final dividend of N0.70kobo per ordinary share in 2021 as against N0.55 final dividend proposed in 2020.
This brings Access Bank’s total dividend in 2021 to N1.00 from N0.80 total dividend paid to shareholders in 2020.
From the balance sheet position, the group reported 35.2 per cent increase in total assets to N11.73trillion in 2021 from N8.68trillion reported in 2020.
Key financial parameters to growth in total assets are 29 per cent increase in loans & advances to customers from N3.22trillion in 2020 to N4.16trillion in 2021, while Deposits from customers grew by 24.5 per cent to N6.95trillion in 2021 as against N5.59trillion reported in 2020.
