Access Bank reports 1.35% decline in Profit to ₦61.03 billion in H1 2020

Access Bank acquires Zambian Cavmont Bank
Herbert Wigwe

Access Bank Plc has declared a profit after tax (PAT) of ₦61.03 billion in its half-year, 2020. This shows a declined by 1.35% from N 61.87 billion recorded in H1 2019.

Access Bank Plc, also announced 22.3% Gross Earnings growth in Q2’20 Results.

Key Metrics

  • Gross Earnings grew by 22.3% to N396.76bn from N324.38bn in the previous quarter.
  • Profit before tax stood at N74.31bn.
  • Profit after tax stood at N61.03bn.
  • Net Assets grew by 10.5% from N606.74bn to N670.36bn.
  • The lender also announced an interim dividend of 0.25K.

The Bank’s Profit Before Tax (PBT) increased by 1.84% to N 74.306 billion in its half-year, 2020 result from N 72.964 billion recorded in H1, 2019.

Access Bank’s interest income dropped to N212.0 billion from N226.1 billion, while the interest expense rose to N120.5 billion from N117.8 billion, with the net interest income at N126.2 billion versus N155.2 billion and a net interest income after impairment charges of N109.7 billion in contrast to N150.3 billion in H1 2019.

The bank also said it spent N36.3 billion on its personnel, higher than N31.3 billion in the same period of 2019 and this was because of the increase in the wages and salaries in the first six months of this year.

Meanwhile, the board of Access Bank has announced a cash reward to its shareholders for the first half of the year.

The lender said investors will get 25 kobo per share as interim dividend to be paid on Monday, September 28, 2020, only to those whose names appear on the register of members at the close of business on Thursday, September 17, 2020, and who have completed the e-dividend registration and have mandated the registrar, United Securities Limited, to pay their dividends directly into their bank accounts.

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Access Bank acquires Zambian Cavmont Bank
Herbert Wigwe

Access Bank Plc is a leading financial institution offering banking products and services for the retail, private, corporate and institutional and non-institutional sectors in Africa and Europe. The company offers solutions for corporate and investment banking, commercial banking, personal banking and business banking.

In addition to transactional banking, Access Bank Plc offers cash management and treasury services, project and structured finance, supply chain and trade finance as well as insurance, brokerage services, liquidity management and debt management programmes. The company was established in 1989 and has grown its national and international footprint to approximately 300 branches. Access Bank Plc’s head office is in Lagos, Nigeria.