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Access Bank posts Profit Before Tax of N74.31 billion in H1 2020

Chidi Emenike by Chidi Emenike
September 4, 2020
in Company Results
Access Bank, Scam Alert: Access Bank issues warning to customers over fraudulent acts , Director, West Africa region, IE, Onyekachi Eke, Access Bank lists N30 billion bonds on NSE , Access Bank, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, A new BVN guideline to curb e-fraud is coming soon - CBN announces , Access Bank donates 66 laptops to children in underserved communities, Access Bank postpones closed period for 2019 Year-End financial statement, Access Bank dispels rumour about its CEO being arrested, Access Bank set to establish subsidiary in Cameroon after acquiring Kenyan bank, Access Bank finally acquires Kenyan bank, Transnational Bank Plc, Herbert Wigwe: We are clamping down on malaria with the Malaria-To-Zero Initiative, Access Bank to list N15 billion green bond on Luxembourg Stock Exchange 

CEO/Group Managing Director, Access Bank Plc, Herbert Wigwe

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Access Bank Plc has declared a Profit Before Tax (PBT) of N 74.306 billion in its half year, 2020 result up from N 72.964 billion recorded in H1, 2019. This showed an increase of 1.84%. It also earned a revenue of N 396.8 billion for H1, 2020.

This was disclosed in the result sent to the Nigerian Stock Exchange and seen by Nairametrics.

However, the positive outlook of the PBT and revenue were eroded by a corresponding increase in Net impairment charges by 237.43% from N4.88 billion to N 16.47 billion year-on-year.

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The increase in PBT was largely due to an increase in the balance of cash flow from operating activities, while a decline in economic activities due to the pandemic negatively affected the tier-1 bank as reflected by the high impairment cost.

Net gains on financial instruments were up by 3000% and was majorly supported by a gain of N103.25 billion on derivatives instruments, it relates to gains on forward, swap and future contracts entered into by the bank.

The transaction also resulted in a short position on foreign currency financial position which gave rise to the unrealized foreign exchange trading loss on revaluation and the foreign exchange trading loss, arising from the near legs of the contracts.

READ: Union Bank canters onward despite gallop from COVID-19

Other financial indicators such as Profit After Tax, Cash and Bank balances, Net Interest Income and Earnings Per share, etc. all declined.

The Profit After Tax (PAT) declined by 1.35% from N 61.87 billion recorded in H1 2019 to N 61.03 billion recorded in H1, 2020.

On operational basis, the Cash and Bank balances with banks declined by 8.1% from N 723.06 billion recorded at the end of 2019 to N 663.91 billion in H1 2020.

READ: GTBank, Access Bank, others attract foreign investment worth $5.85 billion in Q1

Net Interest Income declined by approximately 18.7% to N126.21 recorded in H1 2020 from N155.15 billion in H1 2019. Net impairment charges however spiked.

Earnings Per Share: Both Earnings per share (basic) and Earnings per share (diluted) all declined by 8.95% and 9.09% respectively.

Access Bank Plc also announced an interim dividend of 0.25K and its current share price stands at N6.45 as at the close of gong on Friday.

Other financial metrics of Access Bank as revealed by its H1 2020 results are summarized in   the table below;

ItemsAmount (N)
RevenueN 396.8 billion
Account Maintenance RevenueN 7.1 billion
E-banking revenueN 13.9 billion
Total AssetsN 7.8 trillion
EquityN 670.4 billion
DonationsN 2.03 billion

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Tags: Access BankBusiness NewsCompany Financial ResultsGTCO Holdings - FinancialsNSE£)
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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