Shareholders of Access Bank Plc has commended the board and management of bank for recovering N2.2 billion owned to the bank.
Shareholders who gave the commendation at bank’s 30th Annual General Meeting in Lagos equally lauded the bank for its successful merger with former Diamond Bank Plc. even as they praised the banks for its consistency in dividend payment.
They approved a final payment of 25kobo dividend, payable to investors whose names appeared in the company registered plus additional 25 kobo interim dividend amounting to a total dividend of 50 kobo.
A shareholder, Mr Nona Awo commended the bank for its ability to recover N2.2 billion owned to the bank . ” I don’t think I have seen this in the recent time among the four banks that have presented their accounts.
He called for reduction in the number of the board members of the bank in order to save cost.
The Immediate past President, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu applauded bank its for the successful merger with Diamond Bank.

Nwosu who believed shareholders are being marginalized by the regulators called on the bank to form a lobby groups that can assist in tackling the issue.
Addressing the shareholders at the meeting, the Chairman, Access Bank Plc, Mrs Mosun Belo-Olusoga said that despite unfavourable market condition, Access Bank delivered a strong performance, demonstrating an effective strategy backed by strong governance.
She noted that in January 2018, the bank began the implementation of another five-year strategy which should translate to better returns in the years ahead.
“A key aspect of our intent over the next five years is to build a large diversified bank, by consolidating our wholesale franchise and embedding ourselves firmly in the retail market,” Belo-Olusoga said.
She also noted that the bank’s merger with Diamond Bank would create the required scale, customer base and support our desire to achieve a wider reach across the continent.
According to her, the combination will provide us with an increased physical presence and payment capabilities in relevant countries.
“The combination will significantly fast track the achievement of a number of our strategic intents in the short term. It provides us with a competitive advantage that will withstand the realities of market uncertainties, while ensuring sustainable revenue in the years ahead,” Belo-Olusoga said.

Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe said the implementation of the five-year strategy will focus on retail banking growth, adding that the quarterly contribution of the segment to group profits during the year assured that the strategies and investments were prudent.
“Our ongoing collective efforts to deliver exemplary value will be paramount in guaranteeing our profitability and the long-term sustainability of our business,” Wigwe said.
Key extracts of the audited report and accounts of Access Bank for the year ended December 31, 2018 showed that the bank grew pre and post tax profits by 32 per cent and 58 per cent respectively. Gross earnings had risen by 15 per cent. Total assets increased by 21 per cent while customers’ deposit grew by 14 per cent.
The report indicated that gross earnings rose to N528.7 billion in 2018 compared with N459.1billion in 2017. Interest and non-interest incomes contributed 72 per cent and 26 per cent respectively to the top-line. Profit before tax rose from N78.2 billion to N103.2 billion while profit after tax increased to N95.0 billion in 2018 as against N60.1 billion in 2017. With these, earnings per share rose from N2.11 in 2017 to N3.31 in 2018.