Access bank plc has recorded a very impressive growth in half year 2019, the result recently released to the public revealed. The bank grew its Profit After Tax (PAT) by 59 percent amid significant percentage growth in both its top and bottom lines.
The new Access bank, which achieved its size as a result of the merger of Access banks and Diamond bank has also been able to displace the top tier banks as it is now the biggest bank in terms of Customer Deposit, Customer Loans and Advances and Asset base. The bank however comes behind Zenith and GTBank in Owners Equity.
The half year 2019 result released by Access bank revealed that bank’s 59% growth in PAT was powered by an 82% growth in Net Interest Income, a 25% growth in Net Fee and Commission Income and a 44% decline in Net Forex Loss also with marginal contribution form a 34% decline in Impairment Charges
- Net Interest Income up by 82% from N85.3bn to N155.1bn in H1 2019
- Fee and Commission Income (Net) up by 25% from N30bn to N37.5bn
- Forex Income Loss down by 44% from N33.7bn to N18.69bn
- Impairment Charges down by 34% from N7.3bn to N4.9bn in H1 2019
- Gross Earning up by 28% from N253bn to N324.4bn
- Profit Before Tax up by 62% from N45.8bn to N74.1bn
- PAT up by 59% from N39.6bn to N63bn in H1 2019
The Balance Sheet size of Access Bank also grew with very impressive digits in the half year 2019 review period.
- Customer Deposit up by 63% from N2.56tn to N4.18tn in H1 2019
- Customer Loans and Advances also up by 33% from N1.99tn in H1 2018 to N2.65tn
- Total Asset was also up by 31% from N4.95tn to N6.49tn in H1 2019
- Owners Equity also increased by 19% in half year 2019 from N490.5bn to N583.8bn.
Following the release of the its half year 2019 result, Access bank have also declared a 25k Interim dividend to be paid to shareholders whose names appeared in the registrar’s book as at Monday 23 September 2019, has completed the e-dividend mandate form and requested the registrar to pay dividend directly to their bank account. Dividend will be paid on October 3 2019.