Access Bank PLC has recorded gross earnings of N462.980 billion for the half year financial result ended June 31, 2020.
The bank’s audited financial report showed the earnings increased by 42.73 per cent compared with N324.376 billion reported in the corresponding period of last year.
The bank half year result further indicated that interest and similar income fell by 9.59 per cent to N246.723 billion from N272.897 billion while interest and similar expense increased by 2.35 per cent to N120.515 billion from N117.750 billion, bringing net interest income to N126.207 billion from N155.146 billion.
An analysis of the result for the period showed that fee and commission income up by 23.69 per cent to N51.775 billion; from N41.858 billion, fee and commission expenses surged by 158.33 per cent to N11.183 billion from N4.329 billion. Net gains and investment securities up by 3152.39 per cent to N134.841 billion from N4.146 billion reported in the preceding year while net foreign exchange loss stood at negative of N66.223 billion against N18.937 billion in the preceding year.
The bank reported profit before tax of N74.306 billion at the end of June this year against profit of N72.965 billion, a growth of 1.84 per cent while loans and advance down from N211.214 billion to N208.366 billion in the previous year.
The board proposed interim dividend of N0.25 kobo for the period under review.
However, total assets of the bank up by 8.73 per cent to N7.766 billion from N7.143 billion recorded the previous year. The customers deposit in the first six months of transactions up 9.68 per cent to N4.667 trillion from N4.255 trillion, financial institutions deposits rose by 11.06 per cent to N1.317 billion from N1.186 trillion in the previous year, the bank’s total liabilities went up by 8.56 per cent to N7.096 billion from N6.536 billion.
