Nigeria: Shareholders Laud Transparency in Access Bank

5 September 2006

Shareholders of Access Bank PLC have praised the bank for its performance in the financial year ended March 31 2006 which showed the bank recording phenomenal growth in all the major performance indices.

At the bank's annual general meeting held in Lagos last Thursday the shareholders were impressed by the result, a review of which revealed that total assets and contingencies increased by 151% to N204 billion from N81 billion while balance sheet grew by 260% to N175 billion from N67 billion compared to the same period in 2005; total deposits increased by 280% to N110.9 billion from N32.6 billion over the same period. Cost to income ratio also reduced from 85% to 66% in the same period, resulting in an operating profit of N3.2billion indicating a growth of 329%. Further investigation also shows that the bank grew its gross earnings by 80% from N7.5billion in 2004 to N13.4billion.

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