Access Bank Plc announced that it has increased its final dividend payout for the year 2020 by 37.5 percent that was inequivalent to 15 kobo, making it 55 kobo from the initial 40 kobo.
Techeconomy.ng gathered that the bank’s announcement followed the payment of an interim dividend of 25 kobo.
The bank, in a statement titled ‘Access Bank promises better performance, higher dividend payment, said its profit after tax rose by 13 percent in the period under review.
Speaking about the decision of the bank, the Chief Executive Officer, Access Bank, Herbert Wigwe, assured shareholders of sustained healthy dividend payout.
Wigwe explained that the bank has given the current position of the bank in the industry, it was well-positioned to achieve significant growth in profitability and pay higher dividends.
He said Access Bank had a healthy capital adequacy ratio, a robust balance sheet, and a strong brand that would lead to a better performance in the years ahead, according to the statement.
According to him, “Access Bank recorded a profit after tax of N106bn in 2020, up by 13 percent from N94bn in 2019 and recommended a final dividend of 55 kobo per share for the year ended December 31, 2020, to bring the total dividend to 80 kobo having paid an interim dividend of 25 kobo earlier.”
“Wigwe said shareholders should expect better dividends that would be sustained, given the various strategies put to grow the business. According to him, Access Bank was best positioned to maximise the identified opportunities in Africa on the back of a growing customer base and the move to a cashless economy.”