Home Business Shareholders Approve N13.7billion Dividend Payment of Access Bank

Shareholders Approve N13.7billion Dividend Payment of Access Bank

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Whareholders of Access Bank Plc at the bank’s Annual General Meeting (AGM) endorsed the N13.73 billion cash dividend meant for them in 2014.

The management of the bank assured the shareholder’s that the bank is well placed to brace industry headwinds and deliver better returns to shareholders in future.

The shareholders commended the Board and Management decision to share about one third of the year’s net profit as cash dividends, noting that the directors balanced the shareholders’ interest with future growth need.

The Board of the bank had recommended distribution of additional N8.01 billion as cash dividends for the 2014 business year, bringing total dividend for the year to N13.73 billion. This will make the shareholders to receive a final dividend per share of 35 kobo in addition to the interim dividend of 25 kobo paid earlier, making the final dividend to come up to 60 kobo.

The shareholders at the meeting held last week commended the bank for the improvement in its performance in 2014, despite the industry wide headwinds occasioned by the Central Bank of Nigeria’s tight regulatory policies in 2014.

They said that the 60 kobo dividend payout by the bank was better than industry average, expressing optimism that the ongoing growth initiatives including branch expansion and diversification of businesses would increase performance in the future.

They also said the bank’s performance in 2014 was commendable, urging the bank to sustain the growth.

Addressing the shareholders at the AGM, the Chairman of Access Bank Plc, Mr. Gbenga Oyebode, said the bank would continue to drive its growth by maintaining strong capital and liquidity and ensuring effective risk management to reduce cost.

He added that Access Bank remains committed to the goal of reaching the pinnacle in Nigeria and Sub-Saharan Africa financial markets.

Meanwhile, the Managing Director of Access Bank, Mr. Herbert Wigwe, has said the bank’s 400 million Eurobond and recent N18 billion Rights Issue would put the bank in good shape to stay ahead of regulatory charges and implementation on new standard.

He further said Access Bank would place more emphasis on retail business and contribute to improve customer satisfaction across all business lines to enhance stakeholders return on investment.

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