Access Bank grows half-year profit by 62%

Access Bank Group posted a profit before Tax of N74.1bn in the first half of 2019, a 62 per cent increase from the N45.8bn recorded during the same period in 2018.

Its profit after tax grew to N63.01bn in H1 2019 from N39.6bn in the same period last year.

The group’s audited financial results showed that its gross earnings rose by 28 per cent to N324.4bn from N253bn in the corresponding period of 2018.

It said the growth in gross earnings was driven by the 46 per cent increase in interest income on the back of continued growth in its core business and 22 per cent non-interest income underlined by strong recoveries.

The bank’s operating income increased to N202.3bnn from N151.4bn in 2018, while its total Asset was up 31 per cent at N6.48tn as of June 2019 in comparison to N4.95tn in December 2018.

It said its capital adequacy ratio stood at 20.8 per cent, well above the regulatory minimum.

Commenting on the result, the 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.

“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.”

He added, “Asset quality improved as guided, to 6.4 per cent on the bank of a robust risk management approach. This is expected to trend into the future as we strive to hit and surpass the standard we had built in the industry prior to the merger. Similarly, liquidity ratio improved year on year to 49.7 per cent, reflecting deliberate steps to optimise our balance sheet in order to ensure the group’s liquidity position remains robust.

“Going into the second half of the year, our focus is on consolidating momentum and driving access to financial inclusion through our various agency initiatives. Additionally, we will remain disciplined in our efforts to deliver enhanced shareholder value, as we continue to realise the synergies from our newly expanded franchise.”

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