POST-MERGER: Access Bank’s H1 PBT hits N74.1bn

Category: Banking | Date: 09 Sep 2019 | Posted by: jsraymond

      According to the results released to the Nigerian Stock Exchange, NSE, last weekend, the Bank recorded a Gross Earnings of N324.4 billion, up 28 percent from N253.0 billion in the corresponding period of H1’18.

Similarly, the Bank posted 34 percent growth in Operating Income to N202.3 billion from N151.4 billion in 2018. Total Asset was up 31 percent at N6.48trillion as at June 2019 in comparison to N4.95 trillion in December 2018. Access Bank’s Capital Adequacy Ratio, CAR, remained solid at 20.8 per cent, well above the regulatory minimum. Commenting on the result, Group Managing Director/CEO, Herbert Wigwe said: “Access Bank’s performance in the first half of the year reflects a sustainable business model coupled with effective execution as we make solid gains towards the achievement of our strategic goals.”

Following the release of the half year results, the Bank also declared an interim dividend of 25k to its shareholders. “Our focus on retail gained momentum during the period, as continued investments in our channels platform resulted in a 29 per cent contribution to gross fee and commission income, up 92 per cent from the corresponding period in 2018. The strong retail contribution demonstrates the effectiveness of our continued drive around low-cost deposits, on the back of an innovative digital platform. Read more at: https://www.vanguardngr.com/2019/09/post-merger-access-banks-h1-pbt-hits-n74-1bn/