Access Bank profit dropped by 8% in 2013

Access Bank Plc has announced a drop of 8 per cent in its profit after tax for the audited period ended December 31, 2013.

According to the result sent to the Nigerian Stock Exchange (NSE) yesterday in Lagos, the profit after tax of the bank dropped by N3.030 billion, representing 8 per cent from N39.328 billion to end the 2013 financial year at N36.298 billion.

Similarly, profit before tax decreased from N46.535 billion in 2012 to N44.996 billion in the 2013 audited year end report indicating a decrease of 3.0 per cent.

However, gross earnings increased slightly by 0.1 per cent in the review period as the bank posted N206.786 billion in 2013 end compared to N206.498 billion in the corresponding period of 2012.

The report also showed that its earnings per share for continuing operations declined by 16 per cent from 196 kobo in 2012 to 164 kobo in 2013, while basic earnings per share declined by 8 per cent to end the 2013 financial year with 159 kobo from 172 kobo in 2012 year end.

The total assets of the bank rose by 5 per cent from N1.745 trillion in 2012 to N1.835 trillion in 2013 year end.

Meanwhile, the bank announced a 29.4 per cent drop in dividend payout to investors as it has proposed a dividend of N0.35 kobo per share in its 2013 fourth quarter.

It had earlier paid an interim dividend of N0.25 kobo per share in its half year period added to the N0.35 kobo declared in the audited year end; making it a final dividend of N0.60 kobo in the review period.