Access Bank’s DMD Bows Out



 The Deputy Managing Director of Access Bank Plc, Mr. Obinna David  Nwosu has concluded plans to bow out of the bank  with effect from April 30, 2017.

According to a statement from Access Bank’s company secretary, Mr. Sunday Ekwochi sent to the Nigerian Stock Exchange( NSE),  Wednesday  Nwosu  resigned from the bank to pursue other personal endeavours. Ekwochi in the statement said that Nwosu has confirmed that he has no disagreement with the Board and therefore has no matter relating to his resignation that needs to be brought to the attention of  shareholders of the company or regulatory authorities.

With Nwosu’s exit, the bank now has fifteen directors comprising nine non-executive directors and six executive directors.
The resignation of Nwosu is a shock to followers of the bank as nothing was mention about the development during the banks’s annual General Meeting held in Lagos,even though the DMD was present at the event.

Access Bank achieved a revenue of N381.3 billion, showing an increase of 13 per cent above the N337.4 billion in 2015. Net interest income grew by 32 per cent from N105.4 billion to N139.1 billion, while non-interest income upped  marginally by 3.5 per cent to N134 billion, from N129 billion the previous year.

Profit before tax (PBT) grew by 20.4 per cent to N90.3 billion, from N75.0 billion, just as the bank ended the year with a PAT of N71.4 billion, up 8.5 per cent from N65.9 billion in 2015.its deposits moved up to 2.256 trillion, showing an increase of 28.8 per cent from N1.756 trillion, just as loans and advances rose to N1.855 trillion, from N1.409 trillion.

Group Managing Director/Chief Executive Officer, Herbert Wigwe said: “The full year 2016 results demonstrated the effective execution of our strategy underpinned by a robust risk management framework. With strong business fundamentals, our position in the top tier was further consolidated in the industry.”