Access Bank seeks shareholders’ approval for N100 billion debt issue

04 Apr 2016
Chibuike Oguh

Summary

The bank will discuss the proposed debt sale during its upcoming annual general meeting on April 27.

Herbert Wigwe, Group Managing Director/CEO, Access Bank

Access Bank Plc announced on Monday that it plans to seek approval of its shareholders to raise up to N100 billion in debt through a public offering or private placement.

The bank said it will discuss the proposed debt sale during its upcoming annual general meeting on April 27.

In August 2015, Access Bank said it raised N41.8 billion from investors via a N52.6 billion rights issue which would be used for branch network expansion and lending.

According to its 2015 financial statement released last month, Access Bank’s gross earnings in 2015 rose 27 percent to N337.4 billion in 2015, from N245.38 billion in 2014. The bank reported N75.04 billion as profit before tax for the period, compared to N52.02 billion reported in the previous year.

The bank’s non-performing loans stood at N24.42 billion (or 1.2 percent of its total loan book) in last year, compared to N25.26 billion (or 2.21 percent of total loans) in the previous year.


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