Access Bank Rebounds from COVID-19 Damages, Reports N86.9 Billion Profit for H1 2021

Access Bank, one of the leading banks in Africa, grew profit after tax by 42.43 percent in the first half (H1) of 2021 following COVID-19 negative impact on the company’s financial position in the same period of 2020.

The lender grew profit after tax from N61.035 billion filed in H1 2020 to N86.9 billion in the period under review.

While interest income calculated using effective interest rate rose by 31 percent from N211.9 billion recorded in H1 2020 to N279.6 billion in H1 2021, Access Bank disclosed in its interim consolidated financial statements released on Tuesday and obtained by Investors King.

Net interest income also expanded by 58.52 percent to N200 billion in H1 2021, up from N126.2 billion filed in the same period of last year.

As expected, the net impairment charge jumped by 74.11 percent from N16.5 billion posted in H1 2020 to N28.7 billion in H1 2021. Therefore, net interest income after impairment charges stood at N171.4 billion, up by 56.18 percent when compared to N109.7 billion achieved in H1 2020.

Net fee and commission income increased by 44.7 percent from N40.6 billion in H1 2020 to N58.7 billion in H1 2021.

Profit before tax stood at N97.5 billion in the period under review, representing an increase of 31.2 percent from N74.3 billion recorded in the corresponding period to N97.5 billion in H1 2021.

The lender paid N10.6 billion in income tax to post a profit after tax of N86.9 billion in H1 2021.