Access Bank Plc recorded a profit after tax of N40.9 billion in the first quarter period ended March 31st, 2020. This is according to the company’s financial statement for Q1 2020, which was released on the Nigerian Stock Exchange website.
Access Bank recorded an increase in its profit before tax to N46.2 billion in the period under review from N45.1 billion in the corresponding period of 2019.
Interest Income grew by 19% to N131.9bn from N110.8bn in the previous quarter.
Profit before tax grew by 2.6% to N46.3bn.
Profit after tax declined by 0.5% to N40.9bn.
Net Assets grew by 4.2% to N636bn from N610bn.
The Bank’s net interest income for the period under review stood at N72.2 billion. This indicates a 27% increase compared to N56.8 billion that was recorded in Q1 2019.
In Q1 2020, the bank said it had a net impairment charge of N8.6 billion, higher than N3.4 billion in the same period of 2019. Also, its net interest income after impairment charges increased to N63.6 billion from N53.5 billion.
Access Bank’s profit before tax for Q1 2020 stood at N46.2 billion. This is 2.6% more than N45.1 billion reported in Q1 2019. On the other hand, profit after tax decreased slightly by 0.53% to N40.9, down from N41.1 billion.
The earnings per share (EPS) dropped to N1.21 from N1.39.
Fee and commission expense of the Bank increased to N4.9 billion from N2.6 billion in the corresponding period of last year and this was due to the 88 per cent increase in e-banking expense and 149 per cent rise in the bank and electronic transfer charges.