Shareholders Commend Access Bank’s 2014 Performance

Shareholders of Access Bank Plc have commended the Board and Management of the Bank for the impressive performance recorded during the financial year ended December 31, 2014.

The shareholders who spoke at the 26th Annual General Meeting of the Bank which was held at The Lagoon Restaurant in Lagos also lauded some of the Bank’s remarkable achievements and initiatives launched during the 2014 financial year. These are the W Initiative, Take Tomorrow campaign as well as the award for Best Company in sustainability reporting and social responsibility.

President of the Association for the Advancement of the Rights of Nigerian Shareholders, Farouk Umar said the Bank has done very well compared to its peers in the industry. “You have done very well compared to your peers in the banking industry. The result showed that all indices of the Bank had gone up and this is commendable in view of the difficulties that we had last year”, he noted.

General Secretary, Independent Shareholders Association of Nigeria (ISAN), Adebayo Adeleke said Access Bank’s 2014 performance was commendable in view of the challenging economic environment in which the Bank operated during the financial year. “These are not the best of times for the Nigerian economy but despite all the challenges, Access Bank has performed commendably. The board and management of the bank should be commended for this wonderful result”, he stated.

Speaking in the same vein, President Progressive shareholders Association of Nigeria (PSAN) Boniface Okezie applauded the Bank’s dividend policy noting that the 60kobo per share dividend for 2014 was commendable.

In the same light, the shareholders went on to applaud the financial performance of the Bank in the year under review which showed an improvement on the bank’s bottom line. There was a significant increase in the numbers as the Bank’s group earnings were up 18.52% from N206.89bn in 2013 to N245.22bn in 2014. Similarly, profit before tax (PBT) grew by 21% from N43bn in 2013 to N52bn closing the year on a solid footing.

Addressing shareholders at the meeting, Chairman of the Bank, Mr Gbenga Oyebode said the Bank’s ability to generate strong financial performance despite adverse market conditions is a testament to the efforts of the management team. “As we pursue our mission and vision, we are confident that the strategic direction we have chosen is sound. Keeping our stakeholders as the limelight of our operations, we remain committed to our goal of reaching the pinnacle in Nigeria and Sub-Saharan Africa, as we continue our journey to becoming the World’s Most Respected African Bank,” he said.

The Group Managing Director/CEO, Herbert Wigwe confirmed that in the coming year, Access Bank will focus resources on the retail segment of the bank as well as continue to strive for a leadership position in customer service supported by the bank’s drive for customer acquisition and retention. “We will continue to ensure that our business ethos is focused on enhanced customer satisfaction across all business lines, maximising shareholder returns as a result”, he stated.