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BANKING AND FINANCE

H1: Access Bank Declares Profit Of N39.6bn

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Access Bank Plc has declared a profit after tax of N39.625 billion in its half year results for the period ended June 30, 2018.
In the bank’s results released yesterday on the Nigerian Stock Exchange (NSE), the management of Access Bank proposed an interim dividend of 25 kobo per share, amounting to N7.23 billion for the period under review.
In the results, Access Bank recorded a gross earnings of N253.024 billion as against N246.575 billion in the corresponding period of 2017.
Total income stood at N186.686 billion, representing an increase of 15.3 percent over N161.905 billion recorded in the corresponding period of 2017, while net interest income grew to N85.296 billion from N83.042 billion in the comparative period of 2017. Meanwhile, net impairment charge went down to N7.34 billion, in 2018 from N10.363 billion in 2017.
Loans and advances to customers dropped to N1.905 trillion from N1.996 trillion, while deposits from customers also declined to N2.409 trillion as against N2.245 trillion in 2017.
Total assets of the Gross went up to N4.371 trillion in June 2018, from N4.102 trillion in December, 2017, while total liabilities grew from N3.587 trillion in December, 2017 to N3.911 trillion as at June, 2018.
Speaking recently at the bank 29th annual general meeting held in Lagos, the Group managing director of Access Bank Mr. Herbert Wigwe assured the shareholders that the bank was focused on creating value for them, leveraging technology.
According to him, today we have almost 400 branches, and we have improved our customer base from six million in 2013, to currently a nine million customer base.
With the completion of the 2013-2017 five year strategy, Wigwe shared that the bank is set for the 2018-2022 next phase of another five-year strategy which will position it as Africa’s Gateway to the world.
He listed the six elements which will drive its pathway to becoming the most respected African Bank in the globe, to include; Retail Banking & Wholesale Banking Consolidation, Digital led Bank, Customer-Focused Bank, Analytics Driven Insight and Robust Risk Management, Global Collaboration and Universal Payment Gateway.



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