H1, 2021: Access Bank’s profit after tax grows by 42.44 per cent

The leadership of Access Bank Plc has proposed an interim dividend of N10.664 billion in the first half (H1) of the year, ended June 30, 2021.

The was contained in the bank financial statement for H1, 2021 released on the Nigerian Exchange Limited. The interim dividend amounts to 30 kobo each on the 35.545 billion issued ordinary shares of 50 kobo each payable to shareholders on the register of shareholding at the closure date.

Also, the bank declared profit after tax of N86.936 billion as against N61.035 billion in H1, 2020, representing a growth of 42.44 per cent year-on-year, while earnings per share grew to N2.48 from N1.73 in H1, 2020.

For the period under review, the bank reported 13.58 per cent increase in gross earnings to N450.62 billion as against N396.76 billion reported in H1 2020. Net interest income amounted to N200.068 billion higher than N126.207 billion achieved in 2020.

Access bank’s total assets hit N10.055 trillion, 15.84 per cent increase from N8.680 trillion reported in full year ended December 31, 2020. Impressive increase in total assets was driven by 11.3 per cent growth in Loans and advances to customers to N3.58 trillion as at June 30, 2021 from N3.2 trillion reported in 2020, while deposits from customers appreciated by nearly seven per cent to N5.97 trillion as at June 30, 2021 from N5.58 trillion reported in 2020.

Furthermore, the bank maintained robust capital and liquidity positions well above regulatory levels, with a Capital Adequacy Ratio of 21.3 [er cent and a liquidity ratio of 50.7 per cent, positioning the Bank to support its customers and execute its growth strategy.

The chief executive officer of Access Bank, Herbert Wigwe said the bank recorded a very strong performance in H1 2021, achieved through its unique business model that supports the corporate and retail value chains throughout the African continent and beyond.

According to Wigwe, over the last few months, we have successfully completed acquisitions in South Africa, Mozambique, and Zambia, emphasising our footprint in key markets around the globe. We will continue to grow our presence in geographies with significant growth potential, especially where they support our global customers.

“As we become Africa’s Gateway to the World, we would also seek markets which supports our trade and payments aspirations and the African Free Trade Agreement.”



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