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Access Bank grows profit by 44% to N39bn, declares interim dividend

By on August 22, 2015

Access Bank Plc thursday reported an impressive half year results, showing significant increases and deliver an interim dividend of 25 kobo per share despite the headwinds in the banking sector. The audited results for the half year ended June 30, 2015,  showedthat Access Bank Plc  a gross earnings of N168.3 billion, representing an increase of 43 per cent  over the N117.9 billion recorded in the same period in 2014.

Growth in gross earnings was boosted by an 18 per cent increase in interest income to N98.9 billion, up from N83.6 billion in the comparative period of 2014. Similarly, non-interest income rose 101 per cent to N69.4 billion in 2015 from N34.6 billion in 2014.
Access Bank posted a profit before tax of N39.1 billion, showing in increase of 44 per cent from N27.1 billion in 2014, while profit after tax  grew by 39 per cent  from N22.6 billion in 2014 to N31.3 billion in 2015.

Commenting on the results, Group Managing Director, Access Bank, Herbert Wigwe,said: “The results reflect the bank’s concerted efforts to deliver on its growth objectives for 2015. The first half of the year was defined by significant macro-economic and policy headwinds with major impact on all aspects of our business.  The group despite those challenges reported improved profits in the first half of the year with significant contributions from our securities trading business.

According to him, they are particularly pleased with the strong support from  the bank’s  shareholders as they exercised their Rights during the recently concluded Offer which raised N41.8 billion.

“The successful capital raise underscores the overwhelming support of our shareholders and their belief in Management’s ability to deliver long term value. With our capital position secure, our priority will be to focus on; driving migration of our customers to alternative platforms  to boost profitability of our channels; implementing  our customer service improvement initiatives; generating low-cost liability from continued engagement with customers; growing risk assets by deepening market share in target sectors; optimising and improving penetration of our customers’ value chain and driving operational efficiency through  cost containment and procurementoptimisation measures,” Wigwe said.

 

[ThisDay]