… Records 27% increase in gross earnings to N971 bn
By Peter Egwuatu
Shareholders of Access Bank Plc, have approved the Board of Directors’ changes at its banking subsidiary in furtherance to the completion of the Scheme of Arrangement between the bank and holders of its fully paid ordinary shares of 50 kobo each resulting in the listing of Access Holdings Plc and related companies on the Nigerian Exchange Limited, NGX Limited.
The shareholder also endorsed all resolutions proposed at the bank’s 33rd Annual General Meeting, AGM held on Monday in Lagos.
The new appointments made by the bank include Mr Roosevelt Ogbonna FCA, CFA –Managing Director/Chief Executive Officer. The bank explained that its appointment underscores the effectiveness of the Group’s robust succession planning arrangement and follows the appointment of the incumbent, Dr. Herbert Wigwe, as the Group Managing Director/ Chief Executive Officer of Access Holdings.
Mr Victor Etuokwu was appointed Deputy Managing Director, Retail North. Mr Etuokwu, according to the bank was appointed an Executive Director of the Bank in 2012 and his appointment was renewed in 2022 following the expiration of his second term.
He has approximately three (3) decades of banking experience cutting across Operations, Information Technology, Business Development and Retail Banking. Mrs Chizoma Okoli was appointed Deputy Managing Director, Retail South. Mrs Okoli, according to the bank is a seasoned professional with approximately three (3) decades of robust banking experience.
She commenced her professional career in 1992 as an Executive Trainee in the defunct Diamond Bank Plc where she distinguished herself and rapidly rose through the ranks to become an Executive Director in 2016. Following the Bank’s merger with the defunct Diamond Bank in 2019, she was appointed Executive Director, Business Banking Division by the Bank.
The Bank further announced the resignation of Mr Adeolu Bajomo as Executive Director, Information Technology and Operations with effect from September 30th, 2022 following his decision to pursue other personal interests.
Commenting on the performance of the bank, the Chairman, Access Bank Plc, Dr (Mrs) Ajoritsedere said: “ the bank has recorded gross earnings of N971.9 billion for the financial year ended December 31, 2021, representing an increase of 27 per cent over N764.7 billion posted in the financial year 2020. Profit Before Tax (PBT) for the period rose by 40 per cent Year on Year, y/y to N176.7billion from N125.9billion in 2020. Profit After Tax (PAT) also grew by 51 per cent y/y to N160.2billion from N106.0 billion in 2020.”
She stated that the assets base of the Group remained strong and resilient with total assets of N11.7 trillion as of December 2021, representing a growth of 35 per cent y/y from N8.7 trillion in 2020.
Other performance indicators show that customer deposits stood at N7.0 trillion as of December 2021 from N5.6trillion in 2020. Net Loans and Advances stood at N4.4 trillion as of December 2021 from N3.6 trillion in 2020. The non-Performing Loans (NPL) ratio stood at 4.0 per cent as of December 2021 against 4.3 per cent in 2020.
Vanguard News Nigeria