Final Dividend of N2.05 Proposed
According to the board's proposal, a final dividend of N2.05 per share was approved. This brings the total dividend for the 2024 financial year to N2.50 per share, rewarding shareholders for their investment and the company's success.
Chairman Highlights Strong Balance Sheet and Resilience
Aigboje Aig-Imoukhuede, Chairman of Access Holdings, attributed the company's strong performance to the strength of its balance sheet and its inherent resilience in the face of prevailing macroeconomic headwinds.
He particularly emphasized the significance of the company's recent capital raising program. "Central to this success was our landmark capital raising programme, through which we raised N351bn via a rights issue. This made Access Bank the first Nigerian bank to meet the new N500bn minimum capital requirement set by the Central Bank of Nigeria, ahead of the 2026 deadline. The rights issue significantly bolstered our capital base, increasing shareholders’ funds to N3.76tn," Aig-Imoukhuede stated.
Impressive Growth in Earnings and Profitability
Further highlighting the company's financial achievements, Aig-Imoukhuede noted substantial growth in key financial indicators. Gross earnings witnessed a significant year-on-year increase of 88 percent, rising from N2.59 trillion in 2023 to N4.88 trillion in 2024. Similarly, the company's profit before tax (PBT) experienced healthy growth, climbing from N729 billion to N867 billion over the same period.
Strategic Positioning for Future Growth
Acting Group Chief Executive Officer, Bolaji Agbede, echoed the positive sentiment, emphasizing the company's broad-based growth across major balance sheet indicators and its maintenance of a robust and diversified financial position.
Agbede underscored Access Holdings' strategic positioning for future growth, leveraging its banking operations across 22 markets spanning four continents, as well as its expanding non-banking subsidiaries in investment management and technology sectors.
"We will continue to invest prudently, manage risks effectively and build deeper relationships with all stakeholders to ensure consistent value delivery," Agbede assured shareholders.
Profit After Tax Shows Steady Increase
The financial results presented at the AGM also revealed a steady increase in the company's profitability. Access Holdings Plc recorded a profit after tax (PAT) of N642.2 billion for the financial year ended December 31, 2024. This represents a four percent increase compared to the N619.3 billion reported in the preceding year, 2023.
The shareholders' approval of the significant dividend payout, coupled with their commendation of the company's performance and strategic direction, signals a positive outlook for Access Holdings Plc and its continued growth trajectory in the Nigerian and international financial landscape.