Access Bank Group has recorded gross earnings of N324.4 billion for its first half year financial result ended June 30, 2019.
The earnings, up by 28 per cent from N253.0 billion reported in the corresponding period of 2018.
The growth in gross earnings was driven by 46 per cent increase in interest income on the back of continued growth in the bank’s core business and 22 per cent non-interest income underlined by strong recoveries.
The bank delivered a profit before tax (PBT) of N74.11 billion, a 62 per cent increase from N45.84 billion recorded during the same period in 2018.
profit after tax (PAT) also grew by a similar margin from N39.6 billion in 2018 to N63.01 billion in H1 2019.
Similarly, the bank posted 34 per cent growth in Operating Income to N202.3 billion from N151.4 billion in 2018. Total Asset was up 31 per cent at N6.48 trillion 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.
Analysis of the bank result showed that net interest income grew from N85.29 billion in the preceding year to N155.146 billion, fee and Commission income increased from N30.284 billion to N41.858 billion, personnel expense surged from N26.085 billion reported in the comparative period to N31.245 billion. Total Assets went up from N4.954 trillion reported previously to N6.488 trillion while total liabilities rose from N4.463 trillion to N5.904 trillion at the end of June this year.
The board of the bank proposed interim dividend payment of N0.25 kobo per ordinary shares of 50 kobo each on 35,545,225,622 issued ordinary shares of 50 kobo.
The bank said that dividend payout would be subject to appropriate withholding tax, adding that the dividend would be paid electronically to share holders whose name appear on the register of member and have completed the e-dividend registration.
Commenting on the result, Group Managing Director/Chief Executive Officer, 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.
