Access Bank Plc, Nigeria’s leading tier-1 lender and biggest in customer size has released its audited half year ended June 2020 financial statement to the public. The result revealed that the lender’s H1 2020 Profit After Tax (PAT) was down by 1 percent Year-on-Year (YonY) to N61.03 billion from N61.87 billion in same period in 2019.
The Bank’s substantial gains in Financial Instruments which saw the Non-Interest income increased by N91 billion, representing 194 percent from N47.2 billion in H1 2019 to N138.9 billion in 2020 half year. was not able to amount to substantial Increase in bottom line profit. This was because of the over 50 percent growth in other Operating Expense (OPEX) and about 250 percent growth in Net Foreign Exchange Losses during the review period.
Other OPEX grew from N80.6 billion in H1 2019 to N120.7 billion in H1 2020 and Net Foreign Exchange Losses from N18.9 billion in H1 2019 to N66.2 billion in H1 2020.
Here are the other highlights of the H1 2020 results published by Access Bank Plc
Income Statement.
- Gross Earning of N396.8 billion, up 22% YonY, Jun 2019 – N324.4 billion
- Net-interest income of N126.2 billion, down 19% YonY, Jun 2019 – N155.2 billion
- Non-Interest Income up by 194% to N138.9 billion YonY from N47.2 billion
- Net Impairment Charge for Credit Losses of N16.5 billion, up 238% YonY, Jun 2019 – N4.9 billion
- Profit Before Tax up 2% YonY to N74.3 billion from N72.96 billion
- Profit After Tax for the period down by 1% YonY to N61 billion from N61.8 billion
Statement of Financial Position
The Balance Sheet size of Access Bank also had a 6-month growth for the period ended 30 June 2020. Total Assets grew 9%. Loan and Advances to Customers was up by 3%, and Deposit from Customers was also up by an impressive 10% in the 6 months period. Total Equity grew as well by 10% to close Q2 2020 at N670.4 billion
- Total Assets up 9% year to date (ytd) to N7.8 trillion from N7.1 trillion in Dec 2019
- Loans and Advances to Customers up 3% ytd to N2.99 trillion from N2.91 trillion
- Deposits from Customers up 10% ytd to N4.7 trillion from N4.3 trillion