2013 FY Results: Access Bank Post 16% Drop In PAT, Dividend Drops By 30%. See Details…

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Access Bank PCL released its 2013 results showing Gross Earnings of N206billion for the year. Other highlights off the rsults are as follows;

• YoY Gross Earnings Growth was basically flat
• Net Interest Income tanked 22% to N77.7billion compared to N100billion posted the year before. Interest Income also dropped YoY by 11.7%
• Total operating income was N144.7billion representing a 10% increase from the year before.
• The bank also claimed it had no loan losses (2012: N10billion)
• Operating profit dropped 5% YoY to N43.5billion as operating expenses increased.
• Profit after tax dropped 16% to N37.4billion compared to N44.8billion posted a year earlier.
• Customer deposits rose 10% to N1.3trillion.
• Loans to customers rose 33% to N810million. Loan to deposit ratio is about 64% for the year.
• Return on average equity for the year was 15.4% compared to 20% the year before.
• They opposed a final dividend of 35kobo (paid 25kobo interim div already) with register closing April 17th. Total dividend now paid for the year is 60kobo compared to 85kobo the year before.