{"id":34450,"date":"2019-09-06T12:55:37","date_gmt":"2019-09-06T11:55:37","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=34450"},"modified":"2019-09-06T17:13:50","modified_gmt":"2019-09-06T16:13:50","slug":"access-bank-declares-25-kobo-interim-dividend-amidst-impressive-2019-half-year-result","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/access-bank-declares-25-kobo-interim-dividend-amidst-impressive-2019-half-year-result\/","title":{"rendered":"Access Bank Declares 25 Kobo Interim Dividend\u2026 Amidst Impressive 2019 Half Year Result"},"content":{"rendered":"

The much awaited half year result of Access Bank Plc, hit the market on Friday September 6, 2019, with the board of directors declaring 25 kobo dividend for the period ended June 30, 2019.<\/p>\n

The result was impressive at the bank recorded strong growth in both gross earnings and profitability. Closure date for the interim dividend is September 24, 2019, while shareholders are expected to receive their bank Alert on October 3, 2019. As at the time of this write up the bank share was selling at N6.80 kobo.<\/p>\n

Highlight of the financial statement shows that the strong performance was underpinned by funded income growth, with non-funded income underperforming the prior year. Consequently, the bank recorded a strong profit before tax growth of 61.7 percent. The bank recorded interest income growth of 46.4 percent to N226.1 billion in the period, which was underpinned by the strong growth recorded in gross loans and advances of 30.6 percent to N2.72 trillion.<\/p>\n

The bank recorded a profit before tax growth of 61.7 percent to N74.12 billion, while profit after tax settled at 59.1 percent higher at N63.02 billion. \u00a0On the other hand, non-interest income declined by 28.7 percent to N47.15 billion, as trading income on investment securities declined by 93.0 percent to N4.15 billion. Interest expense increased by 16.1 percent to N117.75 billion, significantly below the growth rate in income, resulting in a significant growth in net interest income of 81.9 percent.<\/p>\n

Consequently, the bank\u2019s net interest margin expanded by 2.0ppts to 7.6 percent from the prior year, reflecting the benefits of the bank\u2019s increased pool of low-cost liabilities. Also, the bank\u2019s operating expenses increased substantially during the period by 28.9 percent to N123.30 billion.<\/p>\n

This was driven by a combination of increases in AMCON levy (+29.4% y\/y) given the expansion in the bank\u2019s assets base (+31.0% y\/y to N6.49 trillion), (2) Professional fees (+325.1% y\/y to N4.84 billion) related to the business consolidation with Diamond, (3) Personnel expenses (+19.8% y\/y to N31.5 billion) also related to the larger entity, as well as other ancillary costs. However, despite the expansion in operating expenses, the bank\u2019s cost-to-income ratio (after accounting for LLEs) moderated to 62.5% from 68.2% in the corresponding period of the prior year.<\/p>\n

The macro-prudential ratios remained strong, save for the bank\u2019s NPL of 6.4% which remains above the statutory level but has trended downward from the 10.0% recorded in Q1-19. The bank\u2019s capital adequacy ratio of 20.8% remains well above the statutory limit for D-SIBs (16.0%), while the bank\u2019s liquidity level of 49.7% also remains well above the limit. While the bank has significant headroom to drive growth given the macro-prudential ratios, we expect more focus on the remediation to bring NPLs downwards.<\/p>\n

Commenting on the result, Group Managing Director\/CEO, Herbert Wigwe said, \u201cAccess Bank\u2019s 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\u201d<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cOur 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\u2019s liquidity position remains robust.\u201d Wigwe added.<\/p>\n

\u201cGoing 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\u201d he noted.<\/p>\n

Access Bank Plc, is a leading full service commercial bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 29 million customers. The Bank employs 28,000 thousand people in its operations in Nigeria, Sub Saharan Africa and the United Kingdom, with representative offices in China, Lebanon, India and the UAE.<\/p>\n

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.<\/p>\n

The Bank serves its various markets through five business segments: Personal, Business, Commercial, Corporate & Investment Banking and Operations and IT. The Bank has over 800,000 shareholders, including several Nigerian and International Institutional Investors, and has enjoyed what is arguably Africa\u2019s most successful banking growth trajectory in the last 17 years. Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa\u2019s largest retail banks.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The much awaited half year result of Access Bank Plc, hit the market on Friday September 6, 2019, with the board of directors declaring 25 kobo dividend for the period ended June 30, 2019.<\/p>\n","protected":false},"author":6,"featured_media":34451,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[793],"coauthors":[2391],"class_list":["post-34450","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-access-bank"],"yoast_head":"\nAccess Bank Declares 25 Kobo Interim Dividend\u2026 Amidst Impressive 2019 Half Year Result - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/access-bank-declares-25-kobo-interim-dividend-amidst-impressive-2019-half-year-result\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Access Bank Declares 25 Kobo Interim Dividend\u2026 Amidst Impressive 2019 Half Year Result - 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