Access Bank Half Year 2017 Profit Rises to N52 Billion

Access Bank Plc has released its half year 2017 result with Profit Before Tax (PBT) for the period rising to ₦N52 billion, representing an 18% growth when compared to ₦N43.9 billion in half year 2016.

Its Profit After Tax (PAT) grew to ₦N39.5 billion in half year 2017 from ₦N33.6 billion in 2016.

The bank’s Gross Earnings rose 42% y/y to N₦246.6 billion as against ₦N174.1 billion recorded in H1’16, with interest income and non-interest income contributing 66% and 34% respectively.

The board of the bank also declared a 25 kobo interim dividend to its shareholders.

Interest income grew by 44% y/y to ₦N161.9 billion in H1 2017 from ₦N112.3 billion in H1 2016 while non-interest income of ₦N84.4 billion (+37% y/y) compared with ₦N61.7 billion in H1 2016, underlined by strong FX income on the trading portfolio

Operating income increased to ₦N167.5 billion (+29% y/y) compared with ₦N130.2 billion in the corresponding period in 2016 .

An analysis of the balance sheet also shows that Loans and Advances totaled ₦N1.79 trillion as at June 2017 (December 2016:₦1.86 trillion) reflecting a reduction in loan disbursement.

Customer deposits declined by 9% to₦ N1.90 trillion in the period, from ₦N2.09 trillion in December 2016

The GMD/CEO, Herbert Wigwe, in his assessment said: “The group’s performance in the first half of the year reflects the strength and sustainability of our business, and the effective execution of our strategy. “

 

Source: Dailytrust