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Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide (9204 Views)

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Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by kirajustice: 4:51pm On Sep 06
Access Bank Group’s audited H1 results released to the Nigerian Stock Exchange (NSE) on Thursday showed Gross Earnings of N324.4 billion, up 28% from N253.0 billion in the corresponding period of 2018. The growth in gross earnings was driven by 46% increase in interest income on the back of continued growth in the Bank’s core business and 22% non-interest income underlined by strong recoveries.

The Bank delivered a Profit before Tax (PBT) of N74.1 billion, a 62% increase from N45.8 billion recorded during the same period in 2018. Profit after Tax (PAT) grew by a similar margin from N39.6 billion in 2018 to N63.01 billion in H1 2019.

Similarly, the Bank posted 34% growth in Operating Income to N202.3 billion from N151.4 billion in 2018. Total Asset was up 31% at ₦6.48 trillion as at June 2019 in comparison to ₦4.95 trillion in December 2018.

Access Bank’s Capital Adequacy Ratio (CAR) remained solid at 20.8%, well above the regulatory minimum.

Commenting on the result, Group Managing Director/CEO, Herbert Wigwe said, “Access Bank’s performance in the first half of the year reflects a sustainable business model coupled with effective execution as we make solid gains towards the achievement of our strategic goals”.

Following the release of the half year results, the Bank also declared an interim dividend of 25k to its shareholders.

“Our focus on retail gained momentum during the period, as continued investments in our channels platform resulted in a 29% contribution to gross fee and commission income, up 92% from the corresponding period in 2018. The strong retail contribution demonstrates the effectiveness of our continued drive around low-cost deposits, on the back of an innovative digital platform. Asset quality improved as guided, to 6.4% on the bank of a robust risk management approach. This is expected to trend into the future as we strive to hit and surpass the standard we had built in the industry prior to the merger. Similarly, liquidity ratio improved year on year to 49.7%, reflecting deliberate steps to optimise our balance sheet in order to ensure the group’s liquidity position remains robust.” Wigwe added.

“Going into the second half of the year, our focus is on consolidating momentum and driving access to financial inclusion through our various agency initiatives. Additionally, we will remain disciplined in our efforts to deliver enhanced shareholder value, as we continue to realise the synergies from our newly expanded franchise” he noted.

About Access Bank Plc

Access Bank Plc. is a leading full-service commercial Bank operating through a network of more than 670 branches and service outlets, spanning three continents, 12 countries and 31 million customers. The Bank employs 28,000 people in its operations in Nigeria and has subsidiaries in Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon and India.
Listed on the Nigerian Stock Exchange since 1998, Access Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities.

The Bank serves its various markets through four business segments: Retail, Business, Commercial and Corporate. The Bank has over 900,000 shareholders (including several Nigerian and International Institutional Investors) and has enjoyed what is arguably Africa's most successful banking growth trajectory in the last twelve years. Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa’s largest retail banks by retail customer base.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant, helping customers to access more and achieve their dreams.

https://politicsnigeria.com/access-banks-first-post-merger-h1-pbt-hits-n74-1bn-declares-25k-interim-dividend/

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by huptin(m): 4:55pm On Sep 06
It might appear too early to conclude, but the merger between access and diamond seems to be yielding huge dividends

13 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by kirajustice: 4:59pm On Sep 06
The Merger was a master stroke...

9 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by sholatech(m): 5:06pm On Sep 06
Clear success story of merger iN the Nigerian Financial sector.

3 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by DrNueLpureHoney(m): 6:20pm On Sep 06
Their services is okay... It's just that if yOu want tO deposit cash in any of their branches... The queue go long from Nigeria to Morocco angry

If you need Original Unadulterated Honey.. Call or whatsapp me on 0809215 1959

2 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by smartxyz(m): 6:21pm On Sep 06
Proudly Access Bank Staff... Shout out to my unit head EBI OKOSUN (Sabi woman) wink

10 Likes 2 Shares

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by neonly: 6:24pm On Sep 06
Useless bank
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by AmericanDad: 6:26pm On Sep 06
smartxyz:
Proudly Access Bank Staff... Shout out to my unit head EBI OKOSUN (Sabi woman) grin

Shutup f.ool

15 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by amalashita: 6:28pm On Sep 06
Office strafing in action
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by blackb2(m): 6:29pm On Sep 06
Dem really tiff costumer's money this time around . Useless bank. Shio cheesy
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by TroubleMaker47(m): 6:30pm On Sep 06
Access on the road to becoming Nigeria's biggest bank!

10 Likes 1 Share

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by Abduletudaye(m): 6:33pm On Sep 06
smartxyz:
Proudly Access Bank Staff... Shout out to my unit head EBI OKOSUN (Sabi woman) grin

Guy shocked
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by Omojudy: 6:35pm On Sep 06
I may now consider opening an account with them!

http://astrongnigerianwoman/
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by Jabioro: 6:36pm On Sep 06
neonly:
Useless bank
You better join the train...

4 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by CSTR2: 6:37pm On Sep 06
Too much money for wigwe and imokhuede.

2 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by smartxyz(m): 6:42pm On Sep 06
Abduletudaye:


Guy shocked
hafa bros

1 Like 1 Share

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by NekkyCee(f): 6:55pm On Sep 06
Access Warrior!!!!
smartxyz:
Proudly Access Bank Staff... Shout out to my unit head EBI OKOSUN (Sabi woman) wink

1 Like

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by chymes0359(m): 7:05pm On Sep 06
neonly:
Useless bank
Which one your ancestors build...?
Mtcheeeeew!
Bad energy every where...
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by Focusmind: 7:11pm On Sep 06
Retail banking contribution to overall gross earning is about 29%, an increase of 92% from 2018.

The impact of the merger with Diamond bank, a retail banking leader just made manifest.

The merger strengthened the Access retail banking group and its IT position.

Merger is good for the other party to complete you.

That's why young men and women should select carefully marriage partners that will strengthen their areas of weakness and not just be complaining.

When your partner has strength in your area of weakness and you are good in her area of weakness, both of you will surely succeed.

9 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by chymes0359(m): 7:12pm On Sep 06
DrNueLpureHoney:
[b]Their services is okay... It's just that if yOu want tO deposit cash in any of their branches... The queue go long from Nigeria to Morocco [b]

Havent seen such in any of their banks ..
There service is okay..
Don't know for the Access bank oo..
Am talking about Access (Diamond)..
I always enjoy receiving alert on counters ..
That's what I know the bank with..

4 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by zeemahn(m): 7:15pm On Sep 06
smartxyz:
Proudly Access Bank Staff... Shout out to my unit head EBI OKOSUN (Sabi woman) wink

This merger is causing some serious issues for former diamond Bank account holders. I work in a federal teaching hospital and my salary has been 'hanging' for 3 months now. Same situation as others who were using Diamond before the merger. The management sent a representative to the accountant general's office and they confirmed that the issue was from the bank. They are however, working diligently to see that the issue is resolved. Because it even affected the CMD's salary.

3 Likes 1 Share

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by KunAviero(m): 7:21pm On Sep 06
Las las, this bank might just topple Zenith bank as the apex bank in Nigeria.

1 Like 1 Share

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by valarmorghulis: 7:28pm On Sep 06
What's going on with access, can't find my mum's name on
http://www.sec.gov.ng/non-mandated/
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by mmsen: 7:34pm On Sep 06
Diamond were more reliable.

Too many of my transfers have been problematic of late.
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by Cutehector(m): 7:36pm On Sep 06
KunAviero:
Las las, this bank might just topple Zenith bank as the apex bank in Nigeria.
cbn is the only apex bank in Nigeria.

3 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by yomalex(m): 7:41pm On Sep 06
Good shall we say undecided
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by Unike1(m): 7:50pm On Sep 06
NekkyCee:
Access Warrior!!!!
Unbowed, Unbent, Unbroken

1 Like

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by bizhop01(m): 7:56pm On Sep 06
This bank of devil swallow my beloved diamond bank
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by Boreanazfan: 8:03pm On Sep 06
Hope they haven't cooked the books...

2 Likes

Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by ozo13(m): 8:23pm On Sep 06
smartxyz:
Proudly Access Bank Staff... Shout out to my unit head EBI OKOSUN (Sabi woman) wink
so na una no allow Nigeria workers using diamond on IPPIS receive august salary .una try.I don't think there was a merger .IPPIS used a code which only access bank guys received their salary but those in diamond up till now are unable to receive their salary.
Re: Access Bank’s First Post-merger H1 PBT Hits N74.1bn, Declares 25k Interim Divide by Tonyspecial(m): 8:35pm On Sep 06
My Bank And I

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