Access Bank operational profits dips by 8% in 2013

Access Bank Plc shareholders’ expected return on investments on Tuesday dimmed following marginal drop in the bank’s operating profit for the year ended December 31, 2013.
The News Agency of Nigeria reports that the bank’s profit for the year dipped by eight per cent to N36.29 billion from N39.328 billion recorded in 2012.
The bank’s operational performance is contained in the company’s audited result released by the Nigerian Stock Exchange on Tuesday in Lagos.
The bank’s profit before tax also fell by three per cent to N44.996 billion from N46.535 billion in the preceding year.
Gross earnings stood at N206.79 billion against N206.498 billion posted in the comparative period of 2012.
Interest income also depreciated to N145.96 billion from N165.29 billion achieved in the preceding year, representing a drop of 12 per cent.
Also, net interest income declined by 22 per cent from N100.23 billion to N77.72 billion.
NAN reports that the bank’s board of directors in spite of the marginal drop in profits recommended a dividend payment of 35k per share to the shareholders.
The overall Access Bank’s total assets grew by five per cent to N1.84 trillion from N1.75 trillion in 2012, while total liabilities went up by six per cent to N1.590 trillion from N1.504 trillion in 2012.