Nigeria’s Access Bank has reported a profit after tax of N81.0 billion for the period ended June 30, 2020. The statements, which were filed late as a result of disruptions caused by the coronavirus pandemic, revealed a slight fall in profit from the same period in 2019.
There was a 6.7 billion naira decline in net profit when measured against the figures from the same period in 2019 while pre-tax profits rose from N73 billion in 2019 to N73.3 billion in 2020.
Access Bank also recorded higher gross earnings of N396.7 billion as against N324.4 billion recorded in the same period of last year but the bank’s interest income slipped to N212.0 billion from N226.1 billion, while the interest expenses rose to N120.5 billion from N117.8 billion, with the net interest income at N126.2 billion versus N155.2 billion.
The bank declared a net interest income after impairment charges of N109.7 billion in contrast to N150.3 billion in H1 2019. The fees and commission income increased to N51.8 billion from N41.9 billion, while the fees and commission expenses increased to N11.2 billion from N4.3 billion, with the net fee and commission income closing at N41.0 billion as at June 30, 2020, compared with N37.5 billion as at June 30, 2019.
The bank also said it spent N36.3 billion on its personnel, higher than N31.3 billion in the same period of 2019 and this was as a result of the increase in wages and salaries in the first six months of this year.
Access Bank announced a dividend of 25 kobo per share, to be paid on Monday, September 28, 2020, only to those whose names appear on the register of members at the close of business on Thursday, September 17, 2020, and who have completed the e-dividend registration and have mandated the registrar, United Securities Limited, to pay their dividends directly into their bank accounts.