By Peter Egwuatu

Access Bank Plc shareholders have unanimously approved the N5.7billion dividend proposed by its Board of Directors for the financial year ended December 31, 2014, just as they commended the management of the bank for its prudent management of cost of operations. The shareholders at the bank’s Annual General Meeting, AGM held in Lagos appreciated the Board of Directors for the proposed dividend which translates to 60 kobo per share, including the 25 kobo interim dividend.

According to the shareholders “It is better that you gave us this dividend knowing the tight business environment you operated upon during the period under review. But we still hope you will pay us higher dividend come next year.”

In his comment, the Chairman of Access Bank Plc, Mr. Gbenga Oyebode said “In 2014, there was a significant change in the bank’s operating climate precipitated by changes in key economic variables-the oil price shock, currency depreciation and an increasingly bearish market.

Our bank remained resilient as it improved its business performance whilst managing these macroeconomic challenges.” In his own remark, Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe commended the shareholders for their loyalty to the bank, saying “In 2015, we remain focus on lifting our customer experience in line with our mantra of speed, service and security. This effort, part of an initiative called Take Tomorrow, represents our commitment to our customers to join hands with them to help build their successful tomorrow.

In looking ahead of the future, Wigwe said “We will continue to ensure that our business ethos is focused on enhanced customer satisfaction across all business lines, maximizing shareholder returns as a result. While, we approach 2015, with great optimism, there are macro economic realities that we cannot ignore. We are aware of the challenges ahead and are determined to face these challenges from a position of strength and stability.”

The financial position for 2014 shows that the bank increased its revenue generation as gross earnings rose to N245 billion, up 18.5 per cent from the previous year 2013. Similarly, Profit Before Tax grew by 21 per cent form N43 billion in 2013 to N52 billion in 2014. The cost to income improved more than 10 percentage points to 62 per cent from 73 per cent in 2013.