Access Bank Plc has recorded a profit after tax of N39.625 billion for the half year ended June 30, 2018 from a profit of N39.459 billion recorded in 2017.
The unaudited financial results for the half year (H1) ended showed an increase of 2.6 per cent in gross earnings to N253.024 billion from N246.575 billion in the corresponding period of June 2017.
The group also recorded a profit before tax of N45.842 billion during the period under review in contrast to N52.048 billion in 2017.
Based on the result, the Board of Directors proposed the payment of interim dividend of 25 Kobo per ordinary share of 50 Kobo each on the 28,927,971,631 issued ordinary shares of 50k each payable to shareholders on the register of shareholding at the closure date.
The group recorded a profit after tax of N22.1 billion for the first quarter ended March 31, 2018 from a profit of N22.4 billion recorded in 2017.
The unaudited financial results for the first quarter (Q1) ended showed an increase of 19 per cent in gross earnings to N137.5 billion from N116 billion in the corresponding period of March 2017, with interest income and non-interest income contributing 70 per cent and 30 per cent respectively.
The Bank also recorded a profit before tax of N27.4 billion during the period under review.
According to the lender, balance sheet remained strong with a 7 per cent growth in total assets as the Bank closed the quarter ended March 2018 with total assets of N4.38 trillion from N4.10 trillion in December 2017. The Group‘s Capital and Liquidity Ratios (CAR) of 19.3 per cent and 41.3 per cent respectively, remained in excess of the minimum regulatory requirement and would support the business adequately.
Commenting on the Bank’s performance during the period, Group Managing Director/CEO, Herbert Wigwe, said that the Group delivered resilient results with gross earnings of N137 billion and profit after taxes of N22 billion underscoring the lender’s ability to deliver sustainable earnings.
“We have begun the implementation of key elements of our strategy and I am excited at the prospects in the coming months,” he said.
“A vitalpart of this is the continued execution of our retail market penetration initiatives, as it remains a strong catalyst to the sustainability of non-funded income growth. In addition we remain focused on consolidating our market position in the corporate and commercial banking segment.
