Access Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend

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Access Bank Plc has reported a Profit After Tax (PAT) of N97.5 billion for the group in 2019 financial, representing a 2.7% increase over the N94.98 billion posted in the preceding year. The bank also posted gross earnings of N666.75 billion for the financial year ended December 31, 2019.

The bank’s audited result released by the Nigerian Stock Exchange (NSE) showed that gross earnings were higher by 26.10 per cent when compared with N528.75 billion in the comparative period of 2018.

The Bank’s profit before tax stood at N115.38 billion in contrast with N103.188 billion achieved in 2018.

Also, profit after tax rose to N97.51 billion from N94.98 billion, while earnings per share decreased from N3.31 to N2.90 during the period under review.

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The Board of Directors recommended a final dividend of N14.22 billion, translating to 40k per share, higher than 25k per share paid in 2018.

The bank had earlier proposed and paid an interim dividend of 25k per share, bringing the total dividend per share for 2019 to 65k per share.

Further analysis of the performance indicated the net interest income stood at N277.23 billion, compared with N173.578 billion in 2018, while interest expense rose from N207.34 billion to N259.62 billion.

Net Impairment rose to N20.19 billion, compared with N14.66 billion in 2018. Net fee and commission income increased to N74.04 billion as against N52.49 billion in 2018. Loans and advances to customers grew to N2.91 trillion from N1.99 trillion in 2018, while deposits of customers stood at N4.26 trillion from N2.56 trillion in 2018.

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Recall that the bank consummated a business combination with the defunct Diamond Bank.

Commenting on the performance, the bank’s Group Managing Director, Mr. Herbert Wigwe, said “Following the successful completion of the merger with Diamond Bank in March 2019, we have now fully positioned ourselves in the retail market with a view to bringing the power of banking to the doorsteps of millions. “We are providing a broader platform to facilitate payments services in Nigeria and across Africa, by harnessing our significantly enhanced digital technology capabilities,” Wigwe said. 

He said that the bank had made solid progress in line with its 2018-2022 five-year strategy and remained committed to the achievement of its strategic imperatives going forward. According to him, the bank will continue to invest in its people, technology and most importantly, its product offerings to customers.

“Our focus is to become the world’s most respected African bank by leveraging on the strength of our retail and wholesale business to provide unrivalled value to our customers,” Wigwe added.

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Access Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand SpurAccess Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand Spur

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Access Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand SpurAccess Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand Spur

Latest News

ECOVACS ROBOTICS Introduces 9-in-1 DEEBOT T9 In Indonesia – Our Best DEEBOT Just Got Better!

“The Best Just Got Better" with the first robotic vacuum cleaners in the market to combine upgraded vacuuming and mopping capabilities in one go

 

JAKARTA, INDONESIA - Media OutReach - 13 April 2021 - ECOVACS ROBOTICS, the world's leading home service robotics maker, today launched the DEEBOT T9, the first models with intelligent 9-in-1 obstacle avoidance robotic vacuum cleaner that combines powerful vacuuming and mopping functions with a built-in mobile air freshener. The upgraded DEEBOT T9 with these cutting-edge features is more powerful and smarter than ever before.


Access Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand Spur


Access Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand Spur


Access Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand Spur


DEEBOT T9 raises the bar for home cleaning with 9 stunning features, including the ECOVACS' leading TrueDetect 3D 2.0, a real-time strategic obstacle detection and avoidance technology; TrueMapping 2.0 for precise navigation; ECOVACS HOME App upgraded with 3D Map, and OZMO™ Pro 2.0 Electric Oscillating Mopping System that ensures stubborn stains are removed more efficiently and quietly, compared to previous generation.


"We keep a close eye on market demand and there was a clear indication that consumers want smart products that make homecare even simpler, doing as much and as thorough as they can, in one go. ECOVACS is committed to giving consumers the latest in smart and unique cleaning experience," said David Qian, Chief Executive Officer of ECOVACS ROBOTICS. "We've introduced our new-generation technologies, combined with multiple features while adding even more to our DEEBOT T9 to make sure every inch and floor surface is covered. Our Best DEEBOT Just Got Better."

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Upgraded ECOVACS HOME App with Improved Obstacle Avoidance and Navigation Technology


TrueDetect 3D 2.0 technology comes with an upgraded algorithm to quickly detect different types of obstacles and strategically avoid them. The DEEBOT T9 can detect object sizes right down to mere millimeters, which is ten times more accurate than products using traditional infra-red technology, with a detection range of 70-350 millimeters. Moreover, DEEBOT T9 can navigate smoothly in different indoor environments and lighting conditions without any interruptions, even in total darkness. TrueDetect 3D 2.0 technology allows the robotic vacuum cleaner to avoid collisions, entanglements, or disruptions, so users do not have to monitor the robot and clean it continuously.

Combining TrueDetect 3D 2.0 and TrueMapping 2.0 with 3D Maps brings a whole new level of automated cleaning efficiency and flexibility for users. They can quickly locate the robotic vacuum cleaner's exact position via the 2D and 3D Maps. They can also manage their entire cleaning task on-the-fly, by toggling between the 2D and 3D Maps with the upgraded ECOVACS HOME App.

The new ECOVACS HOME App is designed for intuitive use, enhancing the user experience and reinforces the ECOVACS branding. The App is easy to navigate, offering users an optimal cleaning route. The interface integrates all the common features so that users can access critical functions easily. They can customize the amount of water used, suction power, cleaning times, and routes for different rooms.


A Luxurious Cleaning Experience with Built-in Air Freshener


The DEEBOT T9 is the first in the industry to clean floors and freshen the air at the same time. Connected to the DEEBOT's mobile system, the air freshener gives users a vacuuming and fragrance experience that goes beyond traditional cleaning.

The air freshener's unique design releases the fragrance onto the floor directly to remove musty and pet odors, while the fan at the bottom of the air freshener unit spreads the fragrance evenly.

The air freshener uses replaceable capsules, that can last up to 60 days, featuring three kinds of fragrances. Users can choose to switch the air freshener on or off using the ECOVACS HOME App, and extend its lifespan.


Powerful In-depth Cleaning Performance with OZMO Pro 2.0 and Auto-Empty Station Compatibility


The DEEBOT T9 comes with latest OZMO™ Pro 2.0 Electric Oscillating Mopping System with a newly designed motor and movement structure that minimizes noise.

The enhanced suction power of 3000 Pa also raises the bar in cleaning performance. The high-strength fiberglass structure keeps the suction power consistent when vacuuming both hard floors and carpets. The high-frequency vibration of up to 480 times per minute increases the mopping performance, making it comparable to an electric mop.

The DEEBOT T9 uses a disposable mopping pad that can be safely discarded immediately after cleaning. The specially-designed microfibers absorb water evenly, efficiently capture dust, and reduce residual water stains. The composite structure increases friction between the mopping pad and the floor and helps the OZMO™ Pro 2.0 Electric Oscillating Mopping System effectively remove stubborn stains on the floor.

A power-up kit is available for the DEEBOT T9 that further enhances the cleaning performance and user experience. The Auto-Empty Station, which clears the robot's dustbin automatically after cleaning with minimal human intervention, is also compatible with DEEBOT T9.


Pricing and Availability


DEEBOT T9's suggested retail price is IDR 8.29 Million. It will be officially available at Shopee with special price of IDR 8.09 Million and comes with a IDR 200K discounted voucher and a free giftpack on April 17 to 18 ECOVACS X Shopee Brand Day.


It is also available at Lazada, Tokopedia, and Blibli from April 19 onwards with an IDR 200K discounted voucher and free giftpack as launch promotion until April 22.

For more information, please visit ecovacs.com or connect with us on Access Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand SpurFacebook and Access Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand SpurInstagram.


About ECOVACS ROBOTICS

Innovating Since Day One – Creating the Intelligent Home.


At ECOVACS ROBOTICS, we care about innovating solutions to enhance your lifestyle. Based on a deep understanding of use cases and consumer experiences, we design robots that help you "live smart, enjoy life."


With over 20 years of design and industry-leading research, we have led the market as homes become more intelligent and responsive. We are building a world where your home asks less of your attention, becomes more seamless and powerful, and frees you to spend more time doing what you love.


Access Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand Spur
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- Advertisement -Access Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand SpurAccess Bank reports N97.5bn profit after tax in 2019, Recommends 40k Final Dividend - Brand Spur