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Access Bank Plc reports profit of N40.9 billion for Q1 2020

Access Bank Plc recorded a profit after tax of N40.9 billion in the first quarter period ended March 31st, 2020, according to the company’s latest earnings report which was released earlier this afternoon.

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Access Bank 

Access Bank Plc recorded a profit after tax of N40.9 billion in the first quarter period ended March 31st, 2020. This is according to the company’s financial statement for Q1 2020, which was released earlier this afternoon. Other key details about the company’s Q1 financial performance can be seen below.

Net Interest Income: Access Bank’s net interest income for the period under review stood at N72.2 billion. This indicates a 27% increase compared to N56.8 billion that was recorded in Q1 2019.

Personnel and Operating Expenses: In Q1 2020, the tier-1 bank incurred a total cost of N19.6 billion in personnel expenses. This shows a 53.5% jump compared to N12.8 billion in Q1 2019. In the same vein, other operating expenses also jumped sharply to N63.5 billion, marking a 69.8% increase when compared to N37.4 in Q1 2019.

READ ALSO: Sterling Bank attempted to ‘scam’ its customers; but it’s a drill

Profit before tax & profit after tax: Access Bank’s profit before tax for Q1 2020 stood at N46.2 billion. This is 2.6% more than N45.1 billion reported in Q1 2019. On the other hand, profit after tax decreased slightly by 0.53% to N40.9, down from N41.1 billion.

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Note that Access Bank’s earnings per share (basic) for the period decreased to 121 kobo as against 139 kobo. Diluted earnings per share also decreased to 119 kobo in Q1 2020 as against 137 kobo in Q1 2019.

READ ALSO: World Bank says remittances to Nigeria, other LMICs will drop by 20% in 2020

You may download the full report right here.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

1 Comment

1 Comment

  1. Osho Wasiu

    April 24, 2020 at 11:54 pm

    Access do giveaway for customers through bvn in this covid 19 period instead of giving FG money

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Coronavirus

COVID-19 Update in Nigeria

On the 21st of September 2020, 195 new confirmed cases and 2 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 57,437 confirmed cases.

On the 21st of September 2020, 195 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 1,162 samples across the country.

To date, 57,437 cases have been confirmed, 48,674 cases have been discharged and 1,100 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 480,874  tests have been carried out as of September 21st, 2020 compared to 479,712 tests a day earlier.

COVID-19 Case Updates- 21st September 2020,

  • Total Number of Cases – 57,437
  • Total Number Discharged – 48,674
  • Total Deaths – 1,100
  • Total Tests Carried out – 480,874

According to the NCDC, the 195 new cases were reported from 11 states- Enugu (51), Gombe (40), Lagos (39), Plateau (23), FCT (15), Rivers (12), Kaduna (8), Ondo (3), Bauchi (2), Edo (1), Ogun (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,982, followed by Abuja (5,566), Oyo (3,254), Plateau (3,231), Edo (2,612), Kaduna (2,356), Rivers (2,255), Delta (1,799), Ogun (1,767), Kano (1,734), Ondo (1,600), Enugu (1,285), Ebonyi (1,038), Kwara (1,025), Abia (881), Katsina (848), Gombe (839), Osun (817),  Borno (741), and Bauchi (691).

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Imo State has recorded 562 cases, Benue (473), Nasarawa (448), Bayelsa (394),  Jigawa (322), Ekiti (317), Akwa Ibom (288), Niger (254), Adamawa (234), Anambra (232), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Business

AfCFTA: Nigeria securing approval to ratify agreement – Trade Minister

The Minister revealed that Nigeria has set up a National Action Committee on AfCFTA.

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AfCFTA: Nigeria securing approval to ratify agreement- Trade Minister, FG meets group to access AfCFTA's $650 billion market, UNIDO’s $60m investment programme to boost Nigeria’s industrialisation - FG, FG to strengthen economic ties with Turkey, FG moves to facilitate tax incentives for SMEs, Made-in-Nigeria vehicles gulp N364 billion from FG

Minister of Trade, Niyi Adebayo said Nigeria is currently in the process of securing approval to ratify the African Continental Free Trade Area (AfCFTA) agreement soon.

The Minister disclosed this during a meeting with the Secretary-General of the African Continental Free Trade Area(AfCFTA), Mene Wamkele on Monday.

Recall that Nairametrics reported last week Mr. Adebayo said that Nigeria is actively working to attract more foreign direct investments into key industries to meet the demands of the African Continental Free Trade Area (AfCFTA).

“As we gear up to meet the demands of the enlarged continental market which will be fostered by AfCFTA, we are actively working to attract more foreign direct investments into key industries,” the Minister said.

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In today’s meeting, The Minister told the delegation that Nigeria has set up a National Action Committee on AfCFTA, which would implement Nigeria’s roll-out strategy in a bid to take advantage of the agreement. He added, “Nigeria is currently in the process of securing approval to ratify the agreement within the shortest possible time”.

The African Union announced in August that the first commercial deal of AfCFTA will be taking off on January 1, 2021.

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Business

FG inaugurates Committee on the Commercialization of the Nigeria Film Corporation

The Minister said that the FG is repositioning the NFC for effective service delivery.

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FG increases hate speech fine from N500,000 to N5 million, moves against monopoly and antitrust, Coronavirus, covid-19, Minister of information briefing

The Federal Government inaugurated a Steering Committee on the Commercialization of the Nigeria Film Corporation (NFC), with the aim of making Nigeria’s film industry a continental entertainment power.

This inauguration was performed by the Minister of Information and Culture, Alhaji Lai Mohammed in Abuja on Monday. The Minister added that the FG is repositioning the NFC for effective service delivery.

“What we are doing today is to simply reposition the NFC in a manner that will enable it to play the role statutorily assigned to it,” he said.

The Minister added that Nigeria’s film industry is a major boost for Nigerian soft power and entertainment, citing the need for repositioning by the FG as a means to enable effective service delivery for the film industry to grow.

The Minister added that Nigeria lags behind her film making counterparts in the film production value chain, citing Nigeria’s 142 movie theaters compared to 782 in South Africa and 11,209 in India and many others. He urged state governments to invest a part of their infrastructure budgets for the entertainment industry as a means to generate jobs and grow the GDP.

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“It is important to appeal, especially to our state governments, to invest in infrastructure in the industry. I don’t think it will be too much for the state governments to ensure they build at least one cinema house in each local government area of their state. That will give us additional 774 cinema houses, ” he said.

The Minister added that the role of the NFC is to regulate Nigeria’s film industry and organise professional practice in the sector and also addressed challenges facing the NFC like the inability to produce its own films for commercial purposes due to the law establishing the Corporation limits on its operational functions.

Lai Mohammed said the NFC will be repositioned as the FG has engaged the services of a Business Development Consultant to conduct due diligence on the corporation and the sector and recommend a strategy that is suitable for its reform and commercialization.

“Dear members of the SC, your appointment into this committee comes with huge trust and belief in your ability and capacity to make this reform happen. I therefore urge you to consider this a critical national assignment that requires unflinching commitment and zeal,” he stated.

The members of the Steering Committee are: Honourable Minister, Federal Ministry of Information and Culture, Alhaji Mohammed as Chairman; Permanent Secretary, Federal Ministry of Information and Culture, Deaconess Grace Isu-Gekpe; Director-General, BPE, Mr. Alex Okoh; Managing Director, NFC, Dr. Chidia Maduekwe, and Director, Industries and Communications, BPE, Abdullahi Dikko, as Secretary.

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