Access Bank Grows Profit by 8.4% in 2016 FY
By Modupe Gbadeyanka
The audited result of Access Bank Group for the year ended December 31, 2016, has revealed that the company’s profit rose by 8.4 percent.
In the financial statement obtained by Business Post on Monday, it was observed that Access Bank’s profit after tax grew from N65.9 billion it recorded in December 31, 2015, to N71.4 billion last year.
According to the audited financial result sent to the Nigerian Stock Exchange (NSE), the gross revenue made by the firm in the year under review stood at N381.32 billion in contrast to N337.41 billion it made about two years ago, representing an increase of N43.91 billion or 13 percent.
Business Post further observed that the amount paid by Access Bank as tax in 2016 appreciated in comparison to what was paid two years ago, 2015.
While the firm paid N18.9 billion as tax in 2016, it made a payment of N9.2 billion as tax in 2015, after its profit before tax stood at N90.34 billion in 2016 compared with N75.04 billion in 2015.
Meanwhile, Access Bank has proposed a final dividend of 40k and has set date of the payment for March 29, 2017, coinciding with its Annual General Meeting (AGM), taking place at the Balmoral Hall of Federal Palace Hotel in Lagos.