Home Business Access Bank Profit Appreciates by 44%, Grows to N75billion

Access Bank Profit Appreciates by 44%, Grows to N75billion

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By Akin Akinremi
Access Bank Plc’s full year financial result for the year ended December 31, 2015, shows 38 and 53 percent increase in its gross earnings (GE) and profit after tax (PAT).
The bank pre-tax profit grows by 44 per cent to N75 billion from N52 billion in 2014, a pattern sustained in post-tax profit which rose to N65.9 billion from N44.1 billion in 2014.
The result released on the Nigerian Stock Exchange Thursday showed that these profits were achieved on a gross earning of N337.4 billion as against the N245.4 billion which it recorded in the comparable period of 2014.
Interest income and non-interest income contributed 62 and 38 per cents respectively to the bank’s earnings in 2015 as interest income grew year-on-year by 17 per cent to N207.8 billion from N176.9 billion while non-interest income stood at N129.4 billion, up 89 per cent from N68.4 billion.
The increase in non-interest income, the bank said, is attributable to strong gains on foreign exchange trading income “which reflects management’s ability to diversify the bank’s revenue sources.”
The Group Managing Director and Chief Executive of Access Bank, Herbert Wigwe, said the bank is geared towards achieving better shareholder values in the years ahead.
According to him, “This year’s results reinforce our resolve to generate sustainable returns despite challenging market conditions. We achieved strong financial progress in 2015 as the group recorded a 44 per cent growth in PBT to N75 billion from N52 billion in 2014, with significant contribution from our securities trading business.
“Guided by a robust risk management framework, our diversified business model yielded positive results as we grew the business cautiously and recorded sound prudential ratios. During the year, we successfully raised capital by way of rights issue which has significantly strengthened our capital base and now provides us with sufficient headroom to harness opportunities in key growth sectors of the economy.
“In the coming year, we will remain resilient in the execution of our bold strategy for increased growth and profitability. Though market conditions will remain challenging, we will focus on innovation, proactive risk management and data analytics as catalysts for diversifying income streams and enhancing retail expansion so as to maximise shareholder value in 2016 and beyond.”

Rihanna Gets Real About Beyonce ‘Rivalry,’ Reveals Her One Regret in Life in ‘Vogue’

Nobody does high fashion quite like Rihanna.

The 28-year-old singer stuns on the April cover of Vogue, sporting a show-stopping Tom Ford sequin dress and a slicked-back ‘do. Rihanna opens up about everything from her new album, Anti, to her love of fashion with the publication, and sets the record straight on reports of a feud between her and Beyonce.

The magazine points out Beyonce’s surprise release of her single “Formation” during Anti‘s week climbing the charts as just one reason some fans have been pitting the two superstars against one another, but the “Work” singer isn’t bothered in the least.

“Here’s the deal. They just get so excited to feast on something that’s negative,” Rihanna says. “Something that’s competitive. Something that’s, you know, a rivalry. And that’s just not what I wake up to. Because I can only do me. And nobody else is going to be able to do that.”

Obviously, Rihanna has enough going on in her own life as it is. She’s in the middle of a 63-city world tour, and says her grueling schedule makes it a challenge to be in a relationship.

“My schedule is so crazy right now,” she laments. “It’s definitely going to be a challenge when I do decide to pursue a relationship . . . but I have hope!”

But she couldn’t be prouder of her latest album, even if it turns out to not be as popular as her previous work.

“It might not be some automatic record that will be Top 40,” Rihanna acknowledges. “But I felt like I earned the right to do that now.”

Rihanna’s latest music is definitely personal, judging by the way she describes her songs. For example, “Higher” is about a woman in a not so healthy relationship. “You know he’s wrong, and then you get drunk and you’re like, ‘I could forgive him. I could call him. I could make up with him,'” she explains. “Just, desperate. We just said, ‘You know what? Let’s just drink some whiskey and record this song.'”

Her song “Work,” which Ariana Grande recently poked fun of on Saturday Night Live thanks to the not easily understood chorus, is inspired by her home culture in Barbados.

“You get what I’m saying, but it’s not all the way perfect,” she explains. “Because that’s how we speak in the Caribbean.”

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