By Omodele Adigun
The shareholders of Access Bank Plc unanimously approved the 40 kobo final dividend proposed by the Board of the bank for 2016, having paid a 25kobo interim dividend earlier.
At its 28th Annual General Meeting Wenesday in Lagos, the Chairman, Mrs. Mosun Belo-Olusoga,said the bank has always maintained a balanced dividend payout ratio based on residual dividend policy.
“This policy is hinged on the sustainability of dividend payouts and capital planning.The board has, therefore, considered the final dividend in the light of this policy and is proposing a dividend of 40 kobo per ordinary share, making a total of 65 kobo for the year payable to shareholders a the register at March 13, 2017”, she added.
Recall that the bank reported growth across across all its business lines, leading to total revenue of N381.3 billion and pretax profit of N90 billion, representing a 13 per cent and 20 per cent growth respectively over the same period in 2015.
In his review, the Group Managing Director/CEO of the bank, Herbert Wigwe, said rigorous credit risk management remains a cornerstone of the bank.He explained that the bank would leverage on digital technology and innovation to create value for customers, while unlocking new revenue streams.
He added: “We have committed key resources to improving our risk management practices and ensuring best-in-class risk management capabilities . To secure our strategic aspiration to be a high performing diversified banking leader focusing on global best practices, we consider it vital to maintain our disciplined capital position and tightened risk tolerances.”
Although, expanding our loan portfolio is part of our long term growth agenda, we are committed to doing so in a thoughtful and disciplined manner. To that end, we maintain a tempered risk appetite in certain sectors and have deliberately limited loan production while focusing on growing in the right capital accretive businesses.
“By diligently executing our strategy, we will continue to maintain improved profitability and create the capacity to continue to invest in our key areas of strength.”