Access Bank Declares N20.7 Billion Half-year Profit

Access Bank office

Access Bank Plc Wednesday announced a profit after tax of N20.7 billion for the first half of the year ended June, 2013.

The amount however represented a decline by 22.5 per cent compared to the N26.7 billion recorded in the comparable period of 2012.

The unaudited financial report obtained from the Nigerian Stock Exchange (NSE) also showed that the bank’s profit before tax also fell by 13.9 per cent to N26 billion as at June 2013, compared to the N30.2 billion it stood in the comparable period of 2012.

Its gross earnings also dipped by 5.3 per cent to N104.1 billion, as against the N109.9 billion it realised as at June 2012.

Access Bank’s interest income also declined by 13.9 per cent to N72.6 billion as at the period under review, from N84.3 billion as at June 2012.

While Access Bank’s total assets stood at N1.719 trillion as at the period under review, its total deposit also declined marginally to N1.29 trillion.
However, it declared a dividend of 25 kobo per share to its ordinary shareholders.

Commenting on the bank’s financial performance, Banking Analyst at Renaissance Capital, Mr. Adesoji Solanke, said the “year-on-year earnings weakness was expected and largely driven by the lower net interest income (NII) on higher funding costs and asset yield pressure; and higher costs.”

Access Bank share price on the NSE fell by 10 kobo to close at N10.90 per share yesterday, from N11 per share on Tuesday.