Shareholders Laud Access Bank’s Low Bad Loan Book, Approve N13.73b Dividend

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Shareholders of Access Bank on Thursday at the bank’s 26th annual general meeting in Lagos commended the Management of Access Bank for keeping the bank’s non- performing loans at lower digit thereby placing the bank at the fore front of banks that are sound and healthy in the country.

The shareholders also approved, among other things, the final dividend of 35 kobo per share of 50 kobo each. This is in addition to the interim dividend earlier paid to them, bringing the total dividend paid for the 2104 financial year to 60 kobo per share or N13.73 billion.access bank logo

Shareholders activists who spoke at the meeting said the bank must be commend for reducing its NPL from 2.7 percent recorded in the comparable period of 2013 to 2.2 percent in the 2014 financial year under review.

Dr. Farouk Umar, a shareholders’ activist, said the bank did well despite the pressure from regulatory authorities and applauded the management of the bank for keeping the NPL exposure of the bank at the lowest in the sector.

He also called on the Central Bank of Nigeria (CBN),to reduce the cash reserve ratio (CRR), which was put in place to check banks from lending to politicians, now that elections are over.

Another activist, Boniface Okezie, said the bank needs to be commended for paying 60 kobo dividend despite the raising funds through rights issue, a decision that could make other banks not to pay dividend at all.

Chairman of the bank, Mr. Gbenga Oyebode, said the bank’s ability to generate strong financial performance despite adverse market condition is a testament to the efforts of the management team.dailyindependent.