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Determined to maintaining its leading position in the domestic economy, Access Bank Plc said it may consider returning to the capital market for fresh capital.
Group Managing Director of the bank Herbert Wigwe gave this hint on Wednesday in Lagos while responding to shareholders questions at the bank’s 28th Annual General Meeting (AGM).
According to him, the need for additional capital cannot be over-emphasized, stressing that the bank next capital plan will be in its next five year rolling strategy, 2018 to 2022, which will position the group not only as the world most respected African bank but also as an emerging global player.
“2017 marks the end of the rolling five years strategy implemented in 2013.
Commenting on the bank’s exposure to telecommunication company Etisalat, Wigwe said the bank exposure to the company is N40 billion, pointing out that it’s not a major concern to the bank but early signs is important in order to protect the bank.
Earlier during the meeting, shareholders faulted the Nigerian Stock Exchange, NSE, requirement that audit committee chairman must be accountants and that they must append their professional number on financial reports.
They said they will resist every attempt by the NSE to impose things that they have challenged legally and won.
They noted that the Financial Reporting Council, FRC, that started the issue has suspended the implementation following the exit of its former boss, Jim Obazee, and threatened to ask companies quoted on the Exchange to seek delisting if the NSE persisted with the directives.
Meanwhile shareholders approved the final dividend of 40 kobo per ordinary share of 50 kobo each that was earlier proposed by the bank board of directors for the 2016 financial year ended December 31. The bank had earlier paid an interim dividend of 25 kobo bringing the total dividend for the financial year to 75 kobo per ordinary share of 50 kobo each.
A brief analysis of the bank 2016 full financial shows that the Group posted total revenue of N381.3 billion and profit before tax of N90.3 billion, accounting for 13 percent and 20 percent increase respectively over the same period in 2015. Specifically, key drivers of the growth include a 20 basis points margin expansion on the back of a 32 percent year-on-year growth in net interest income of N139.1 billion. Non-interest income accounted for 49 percent of growth in operating income of N272.6 billion compared to N234.8 billion in 2015.
