Tuesday, November 19, 2024
Latest:
CAPITAL MARKETMARKETSTOP STORY

Access Bank makes 28% growth in PBT to N50bn

editor

 

…proposes N0.25 interim dividend.

Access Bank announces its audited results for the half year ended June 30, 2016 with profit before tax and profit after tax gaining 28 per cent and 26 per cent respectively.

The bank’s Profit Before Tax (PBT) up by 28 per cent to ₦50.0 billion in the period from ₦39.1 billion in H1 2015 while Profit After Tax (PAT) for the half year stood at ₦39.4 billion, compared to ₦31.3 billion in H1 2015.

The management and board of Access proposed an interim dividend of N0.25 kobo per share.

Within six month, Access bank gross earnings rose by three per cent to ₦174.0 billion in H1 2016 from ₦168.3 billion in H1 2015.

Interest Income up 14 per cent y/y to ₦112.3 billion in H1 2016 from ₦98.9 billion in H1 2015; benefitting from steady income growth from the Bank’s core business and a 14 per cent y/y reduction in interest expense.

Strong growth in fees and commission incomes contributed to Non-Interest Income of ₦61.7 billion from ₦69.4 billion in H1 2015; largely offsetting the decline in trading income.

Operating Income grew 11per cent to ₦130.2 billion in H1 2016 from ₦117.6 billion in the corresponding period of 2015

Group Managing Director/Chief Executive Officer of Access Bank Plc, Herbert Wigwe, in a statement, said: “Access Bank’s performance continues to be resilient in the face of a challenging macro-economic environment, which has been further exacerbated by double-digit inflation, amidst an untimely devaluation. Despite these macro uncertainties, we delivered gross earnings of ₦174 billion, while pre-tax profits grew 28 per cent to ₦50 billion in the period.

“The results underscore our continued ability to grow sustainably whilst effectively adapting to a challenging operating landscape.

“The prevalent macro-economic conditions put a strain on business performance across the industry, with increased concerns about asset quality deterioration. Despite these challenges, the Bank’s asset quality remained stable, as non-performing loans remained below industry average, in line with our guidance. Our capital and liquidity levels were also sustained above regulatory limits.

“During the period, we grew our retail market share, leveraging innovation and technology to create lifestyle products and enhance customer experience. This growth has led to significant increase in our transaction volumes and fee-related income. In addition, our cost of funds dropped by 170 basis points y/y reduction, reflecting the increase in our low cost funding base.

“Notwithstanding the high inflation and the impact of the currency devaluation on cost, operating cost remained stable owing to our cost management initiatives. Optimising operational efficiency will remain an imperative for the second half of the year, as we continue to see the benefits of our cost initiatives intensify over the next few months.

“We believe that macro conditions will remain challenging. Nonetheless, our priority in the coming months will be to strengthen our position in the industry; increasing focus on risk and operational efficiency, with customer-centricity at the heart of our strategy.”

From Access Bank balance sheet position, loans and Advances totaled ₦1.82 trillion in H1 2016, up 29 per cent, from ₦1.41 trillion in December 2015, with the devaluation accounting for 16per cent of loan growth in the period. Core loan growth was 4.5per cent, which is in line with our guidance for the year. Total Assets of 3.27 trillion, up 26per cent compared to ₦2.59 trillion in December 2015

Furthermore, Customer Deposits grew 17 per cent to ₦1.97 trillion from ₦1.68 trillion in December 2015 while the Bank has a stable capital position as Capital Adequacy Ratio (CAR) that stood at 19.6 per cent as at June 2016, well above the 15 per cent CBN requirement.

You May Also Like

Boko Haram: Shehu Sani reacts as terrorists behead 43 farmers in Borno

editor

Presidency debunks news of Buhari marrying Sadiya Umar Farouq as second wife

editor

Canada denying Nigerians visas unfairly – Envoy

editor

82 thoughts on “Access Bank makes 28% growth in PBT to N50bn”

  • You made some really good points there. I checked on the net to find out more about the issue and found most people will go along with your views on this website.

  • I simply want to mention I’m new to blogging and site-building and really liked this blog site. Likely I’m planning to bookmark your blog post . You actually come with wonderful article content. Thanks a lot for revealing your website page.

  • I simply want to mention I am newbie to blogs and seriously liked your web blog. Very likely I’m going to bookmark your blog post . You really have perfect articles and reviews. With thanks for sharing your webpage.

  • I just want to mention I am just beginner to blogs and definitely enjoyed this web page. Most likely I’m want to bookmark your blog post . You really come with tremendous stories. Thanks for revealing your website.

  • I simply want to mention I am just new to blogging and actually liked you’re web page. Probably I’m going to bookmark your website . You certainly come with outstanding articles and reviews. Kudos for sharing your web-site.

  • I simply want to mention I’m newbie to blogs and truly savored your web page. Most likely I’m likely to bookmark your site . You definitely have wonderful well written articles. Bless you for sharing your website.

  • I just want to say I am just new to blogging and actually loved this web site. Likely I’m going to bookmark your blog . You really come with superb article content. With thanks for sharing your website page.

  • I just want to mention I am just newbie to blogging and site-building and definitely liked you’re web blog. Very likely I’m likely to bookmark your website . You certainly come with exceptional articles and reviews. Kudos for sharing your web-site.

  • I just want to tell you that I’m beginner to blogs and absolutely enjoyed you’re blog site. Probably I’m going to bookmark your blog post . You definitely come with very good stories. Cheers for sharing with us your web page.

  • I just want to tell you that I am just all new to blogs and honestly liked this blog. Most likely I’m going to bookmark your website . You certainly have tremendous article content. Thanks a bunch for sharing your website page.

  • I just want to say I am just newbie to blogging and absolutely liked you’re web site. Very likely I’m going to bookmark your website . You surely come with amazing stories. Thanks for revealing your blog.

  • I simply want to say I’m beginner to blogs and truly loved your web blog. More than likely I’m going to bookmark your blog . You absolutely have fabulous posts. Many thanks for sharing with us your web page.

  • Hiya, I am really glad I have found this info. Nowadays bloggers publish only about gossips and web and this is really frustrating. A good site with exciting content, this is what I need. Thanks for keeping this web-site, I’ll be visiting it. Do you do newsletters? Can’t find it.

  • I think that is among the most important information for me. And i’m satisfied reading your article. But should remark on few basic issues, The site taste is ideal, the articles is actually great : D. Good job, cheers

  • Usually I do not post on blogs, but I would like to say that this article really forced me to do so! Thanks, really nice article.

  • Apple now has Rhapsody as an app, which is a great start, but it is currently hampered by the inability to store locally on your iPod, and has a dismal 64kbps bit rate. If this changes, then it will somewhat negate this advantage for the Zune, but the 10 songs per month will still be a big plus in Zune Pass’ favor.

  • QuickBooks support phone number $$1844722^^6675 QuickBooks support and help by expert proadvisor and call now number +1+844+722+6675. Let us know, chat with us. Intuit point of sale support, ((1((844))722((6675))),Intuit phone help, ((1((844))722((6675))),Intuit help desk, ((1((844))722((6675))),Quickbooks help desk, 1844.722.6675Quickbooks payroll support number, ^^1^844^722^^6675,Quickbooks payroll support, ^^1^844^722^^6675,Quickbooks premier support, ^^1^844^722^^6675,Quickbooks premier support phone number, ^^1^844^722^^6675,Quickbooks POS support, ^^1^844^722^^6675,Intuit technical support phone number, ((1((844))722((6675))), Intuit support phone number, ((1((844))722((6675))),Intuit POS support number, ((1((844))722((6675))),Intuit point of sale support, ((1((844))722((6675))),Intuit phone help, ((1((844))722((6675))),Intuit help desk, ((1((844))722((6675))),Quickbooks help desk, 1844.722.6675

  • As I site possessor I believe the content matter here is rattling wonderful , appreciate it for your hard work. You should keep it up forever! Good Luck.

  • This is getting a bit more subjective, but I much prefer the Zune Marketplace. The interface is colorful, has more flair, and some cool features like ‘Mixview’ that let you quickly see related albums, songs, or other users related to what you’re listening to. Clicking on one of those will center on that item, and another set of “neighbors” will come into view, allowing you to navigate around exploring by similar artists, songs, or users. Speaking of users, the Zune “Social” is also great fun, letting you find others with shared tastes and becoming friends with them. You then can listen to a playlist created based on an amalgamation of what all your friends are listening to, which is also enjoyable. Those concerned with privacy will be relieved to know you can prevent the public from seeing your personal listening habits if you so choose.

  • Aloha, I found your blog on Bing Weblogs and think it is pretty intriguing and delivers fantastic material. Thank you regarding this superb post, I will certainly promote this on Twitter. Have a pleasant day on interior design ideas for home and office

  • I admire the beneficial information and facts you provide in your posts. I will bookmark your blog and have my children examine up right here often. From: home interior decoration design ideas

  • Pingback: Google

  • Hiya! You some kind of professional website hosting? Great message. Are you able to tell me learn how to subscribe your blog?

  • I love what you guys tend to be up too. This kind of clever work and reporting! Keep up the great works guys I’ve incorporated you guys to my personal blogroll.|

  • Hey, thanks for sharing I always look forward to reading your posts one of the few blogs I still follow home decorated

  • Pingback: Apple Tablet

  • Pingback: Noticias

  • Interesting, I wonder what the statistics are on your first point there on homedecorated

  • Pingback: this contact form

  • Never Ever give up: Even though you fail initially; Dont manage to get a great deal of views at first, do your self a favour, do not give up.

  • Pingback: Electrician

  • Pingback: how the mind works

  • Pingback: Brains

  • Pingback: wedding shot glasses

  • I have been browsing online more than three hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. In my view, if all web owners and bloggers made good content as you did, the web will be a lot more useful than ever before.

  • Pingback: wooden phone case

  • Fantastic website. A lot of useful information here. I’m sending it to some friends ans also sharing in delicious. And of course, thanks for your effort!

  • Pingback: prefab houses suppliers

  • Pingback: recycling equipment

  • Pingback: dspace;

  • Hi fantastic website! Does running a blog similar to this require a massive amount work? I have very little knowledge of programming but I was hoping to start my own blog soon. Anyways, if you have any recommendations or tips for new blog owners please share. I know this is off topic nevertheless I just had to ask. Kudos!

  • Pingback: web de apuestas

  • Wonderful blog! I found it while surfing around on Yahoo News. Do you have any tips on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Cheers

  • Pingback: Car care

  • Pingback: anal sex

  • Pingback: viagra

  • Pingback: computer repair

  • Pingback: wholsale t-shirts

  • Pingback: ran zituni fraud

  • Pingback: gourmet coffee beans hawaiian

  • Pingback: hawaii coffee mountain

  • Pingback: coffee belt kona

  • Pingback: kona coffee

  • Pingback: Rajamangala University of Technology Thanyaburi

  • Pingback: repair

  • Pingback: coffee from kona

  • Pingback: 100% kona

  • Pingback: River Cruises

  • Pingback: pure kona coffee

  • Pingback: fresh games

  • Pingback: best kona

  • Pingback: pure kona

  • Pingback: buy best kona

  • Pingback: Free Mixtape Downloads

  • Pingback: Young Tee Tee Mixtapes

  • Pingback: Discover New Artists

  • Pingback: Interior design for your home

  • Pingback: American singles dating site

  • Pingback: Kiss Chat

Comments are closed.