Shareholders of Access Holdings Plc unanimously approved the distribution of a total of N53.32 billion as cash dividends for the 2022 business year.
At the annual general meeting of the holding company in Lagos, approved a final dividend of N1.30 per share in addition to an interim dividend of 20 kobo, representing a total dividend per share of N1.50 for the 2022 business year. The final dividend was automatically credited through e-dividend payment to the bank accounts of all shareholders on the register of the company as at the close of business on May 09, 2023, shortly after the approval.
Shareholders also approved the financial statements of the holding group. Key extracts of the audited report and accounts for the year ended December 31, 2022 showed that group gross earnings rose by 43 per cent and crossed the trillion naira mark to N1.39 trillion in 2022 as against N971.9 billion in 2021. Pre and post tax profits stood at N167.68 billion and N152.20 billion respectively.
The balance sheet of the group expanded with total assets rising by 28 per cent from N11.73 trillion in 2021 to N15 trillion in 2022. Customers deposit also rose by 33 per cent to N9.25 trillion as against N6.95 trillion. Loans to customers grew by 25 per cent from N4.45 trillion to N5.56 trillion. Shareholders’ funds increased by 17 per cent from N1.05 trillion to N1.23 trillion.
National Coordinator, Pragmatic Shareholders Association, Mrs Bisi Bakare, said the group’s performance was commendable given the challenges in the operating environments.
According to her, the improvements in profit and loss accounts as well as balance sheet showed that the group was resilient and its performance was driven by good operational results.
Addressing the shareholders, Group Chief Executive Officer, Access Holdings Plc, Mr. Herbert Wigwe said Access Holdings was on course to becoming one of Africa’s largest and best financial institutions within the next five years.
He said the group has a track record and the capability to attain the top five target pointing out that from its humble beginning, the group had worked its way to become Nigeria’s leading tier 1 bank.
“We will be one of the top five banks in Africa by 2027. Many people will laugh and ask how that is possible. Many of you have seen it happened again and again, this will not be any different. It requires a lot of more hard work because going beyond Nigeria and competing with largest Africa banks require great efforts. We’ll do it and do it successfully.
“It’s the same way people looked at us in 2002 and said how could a small bank said it would become one of top 10 in 2020. It happened and happened right on time. We became top 10, we became top five, we became top three and the biggest bank in Nigeria as of today. There’s no way we cannot become one of the best in Africa,” Wigwe told shareholders.
He assured shareholders that the group would combine its growth aspirations with increased returns to shareholders, urging them to continue to support the group.
“You’ve paid your dues for 20 years, it is time to reap the rewards. We will do what is necessary to make sure that in terms of performance, there will be increased performance in the bank as well as the other subsidiaries,” Wigwe said.
Group Chairman, Access Holdings Plc, Mr. Bababode Osunkoya, said the group’s five-year strategic plan would lead to building a large, diversified company by consolidating its wholesale franchise and embedding itself firmly in the retail market.
“This strategy will be digitally led, customer-focused and supported by various collaborations with reputable fintech companies to deliver a deeply entrenched retail footprint and payment business. This will all be supported with strong technological infrastructure and robust risk management framework,” Osunkoya said.
According to him, the holding group would play a central role in optimizing and orchestrating all the activities of its subsidiaries to ensure they deliver optimal performance and are protected from risks.
Speaking earlier shareholder commended the efforts of the board and management of the Access Holdings for their tirelessly endeavors to position the financial institution as the best in the country.
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