Earnings Watch: Access Bank Half-Year Revenue Swells 103% to $ 681 million, Directors Propose N 0.25 Dividend
Access bank transmitted its half-year financial statements to the Nigerian Stock Exchange yesterday. The financial institution reported gross earnings of N109 billion or $681 million, up 103% from the N50 billion ($313 million) it made over the first six months in 2011.
Undoubtedly the acquisition of Intercontinental Bank is beginning to yield good fruit for Access Bank.
Profit before tax jumped to N30 billion ($188 million), from N12 billion ($75 million) after the half year in 2011, a growth of 143%.
The Profit after tax booked by the bank came in at N26.3 billion, up a remarkable 226% from the N8.1 billion it made last year.
Credit growth so far has not grown at an adequate rate as Access only extended N598 billion ($3.8 billion) to its customers, representing a miniscule 3.7% increase over the N576 billion ($3.6 billion) it also had booked as deposits at the end of June 2011.
Deposits were standing tall at N1.2 trillion ($75 billion) at the end of the half year period.
Access Bank share prices closed at N 8.74 today and is up 82% since the new year.