Access Bank Generates N61 Billion in H1 2020

Access Bank Plc reported interest income of N211.991 billion for the period ended June 2020, 2020, against the N226.125 billion recorded in the same period of 2019.

The bank disclosed in the financial statements released for on Thursday through the Nigerian Stock Exchange.

Access bank’s interest income on financial assets declined from N46.772 billion achieved in the corresponding period of 2019 to N34.732 billion in the period under review.

Interest expense rose from N117.750 billion recorded in the first half (H1) of 2019 to N120.515 billion in H1 2020.

Similarly, net impairment charge expanded from N4.879 billion in H1 2019 to N16.466 billion in the first half of 2020. Also, net interest income stood at N126.207 billion, below N155.146 billion posted in the same period of 2019.

Therefore, net interest income after impairment charges declined from N150.266 billion filed in H1 2019 to N109.742 billion in the period under review.

The lender’s net fee and commission income rose from N37.529 billion in H1 2019 to N40.592 billion. Largely due to the increase in fee and commission income from N41.858 billion in the corresponding period of 2019 to N51.775 billion.

Profit before tax grew from N72.965 billion in H1 2019 to N74.306 billion in H1 2020.

Profit after tax declined slightly from N61.874 billion achieved in H1 2019 to N61.034 billion due to the surged in income tax paid by the bank from N11.091 billion in H1 2019 to N13.271 billion in H1 2020.

The bank declared an interim dividend of 25 kobo for every share of 50 kobo. The bank explained that only shareholders whose names appear in the Register of Members as at the close of business on Thursday, 17th day of September 2020.

Access Bank said dividends will be paid electronically to shareholders whose names appear on the Register of Members as at Thursday, September 17, 2020 on Monday, September 28, 2020.