In the audited financial results released to the Nigerian Stock Exchange (NSE) on Monday, the Bank reported strong sustainable growth across all its four business lines despite weak and volatile macro-economic headwinds.
During the period, the Group posted total revenue of ₦381.3 billion and profit before tax of ₦90.3 billion, accounting for 13per cent and 20per cent increase respectively over the same period in 2015.
Specifically, key drivers of the growth include a 20basis points margin expansion on the back of a 32per cent year-on-year growth in net interest income of ₦139.1 billion. Non-interest income accounted for 49per cent of growth in operating income of ₦272.6 billion compared to ₦234.8 billion in 2015.
Commenting on the results, Group Managing Director/CEO, Access bank, Herbert Wigwe, said, “The full year 2016 results demonstrate the effective execution of our strategy underpinned by a robust risk management framework. With strong business fundamentals, our position in the top tier was further consolidated in the industry.”
According to him, Access Bank’s robust and proactive risk management practices and focus on high quality corporates ensured that the Bank maintained an NPL ratio of 2.1per cent; well below the industry average, whilst retaining a healthy balance sheet growth.Prudential ratios remained strong and well above the regulatory limits with capital adequacy and liquidity ratios of 21.2per cent and 43.6per cent, respectively, consequently allowing the necessary headroom for growth.
“We remain cautiously optimistic about the macroeconomic environment in 2017, nonetheless, our objective of delivering sustainable shareholder value remains unchanged. We will also continue to maintain our proactive and disciplined risk management practices and leadership in sustainability initiatives, whilst positioning ourselves strategically to take the lead in the markets we play,” Wigwe noted.