Page 108 - ACCESS BANK ANNUAL REPORTS_eBook

Directors’ Report

For the year ended 31 December, 2017

The Directors have pleasure in presenting their report on The Bank has the following international banking subsid-
the affairs of Access Bank Plc (the “Bank”) together with its iaries: Access Bank (Gambia) Limited, Access Bank (Sierra
subsidiaries (the “Group”), and the Bank Audited Financial Leone) Limited, Access Bank (Zambia) Limited, The Access
Statements with Auditor’s Report for the year ended 31 Bank (UK) Limited, Access Bank (Ghana) Plc, Access Bank
December, 2017. Rwanda, Access Bank (D.R. Congo). The Bank also has Ac-
cess Finance BV, an offshore Special Purpose Vehicle for the
issuance of the U.S.$350,000,000, 7.25 Per Cent Guaran-
Legal form and principal activities teed Notes Due 2017 guaranteed by the Bank. During the
year, the Bank redeemed the outstanding USD237,003,000
The Bank was incorporated as a private limited liability com- (see note 35). Following the Bank’s redemption of the Notes,
pany on 8 February, 1989 and commenced business on 11 Access Finance BV will be undergoing voluntary liquidation
May, 1989. The Bank was converted to a public limited liabil- in 2018. The Bank also operates a Representative office in
ity company on 24 March, 1998 and its shares were listed on China, India and Lebanon. The Access Bank (UK) Limited
the Nigerian Stock Exchange on 18 November, 1998. The operates a branch in United Arab Emirates (UAE).
Bank was issued a universal banking licence by the Central
Bank of Nigeria on 5 February, 2001. The financial results of all operating subsidiaries have been
consolidated in these financial statements.
The Bank’s principal activities incude the provision of mon-
ey market products and services, retail banking, granting of
loans and advances, equipment leasing, corporate finance
and foreign exchange operations.

Operating results
Highlights of the Group’s operating results for the year are as follows:

Group Group Bank Bank
Dec-17 Dec-16 Dec-17 Dec-16
In thousands of Naira

Gross earnings 459,075,779 381,320,783 398,161,575 331,000,972

Profit before income tax 80,072,480 90,339,456 67,043,501 80,579,576
Income tax expense (18,081,628) (18,900,109) (13,804,679) (16,553,441)
Profit for the year 61,990,852 71,439,347 53,238,822 64,026,135
Other comprehensive income 28,999,933 32,060,674 12,352,975 12,653,178
Total comprehensive income for the year 90,990,786 103,500,021 65,591,797 76,679,312

Non-controlling interest 880,879 2,258,752 - -
Profit attributable to equity holders of the Bank 90,109,906 101,241,269 65,591,797 76,679,312

Group Group Bank Bank
Dec-17 Dec-16 Dec-17 Dec-16
In thousands of Naira
Earnings per share - Basic (k) 218 250 184 221
Dividend (paid):
Interim dividend paid 7,231,993 7,231,993 7,231,993 7,231,993
Final dividend for 2016 paid in 2017 - 11,571,189 - 11,571,189
Proposed final dividend declared in 2017 to be 11,571,189 - 11,571,189 -
paid in 2018

108 Access BAnk Plc
Annual Report & Accounts 2017