Shareholders of Access Bank Plc have commended the board and management of the bank for its strong financial performance in 2015 despite the difficult operating environment.
The Bank’s shareholders also approved the board’s recommendation to pay a final dividend of 30 kobo per share. This is in addition to the interim dividend of 25 kobo per ordinary shares, which was paid in September 2015, bringing the total dividend paid in respect of its 2015 financial year to 55 kobo per share.
The shareholders made their views known during the Bank’s Annual General Meeting (AGM) held at Lagoon Restaurant, Lagos on Wednesday.
Speaking at the meeting, Sir Sunny Nwosu, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), and his counterpart at the Association for the Advancement of the Rights of Nigerian Shareholders, Farouk Umar, applauded the Bank’s remarkable achievements during the 2015 financial year, noting that the dividend payment was an indication of the resilient performance recorded in the year.
They explained that the Bank’s performance demonstrates the competence and ability of the board and management to adapt to changes in the global economic environment.
“Access Bank has consistently delivered on its dividend payout to shareholders compared to its peers in the banking industry. The Bank’s performance in 2015 is commendable in view of the difficulties that we had last year,” Nwosu noted.
Addressing shareholders at the meeting, Chairman of the Bank, Mosun Belo-Olusoga, said the Group posted another year of strong earnings in 2015, as revenues grew by 38% to N337bn for the year from N245 billion in 2014. Profits also rose to N75bn in 2015 from N52bn in 2014.
“In 2015, we defied the odds and acted decisively to boost our capital, raising N41.7bn of additional Tier 1 capital which met healthy demand from investors. This, in addition to the $400 million Tier II capital issued in 2014, provides the Group with enhanced capacity to leverage market opportunities in target sectors and expand its digital banking capabilities,” she said.