Ac­cess Bank profit dropped by 8% in 2013

Daily Trust - - NEWS - From Kay­ode Ogun­wale, La­gos

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.

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