Connect with us

BUSINESS

Access Bank’s first post merger H1 PBT hits N74.1bn, declares 25k interim dividend

Published

on

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 N253.0billion 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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

Awoof Berekete: Access Bank launches campaign to promote electronic services

Published

on

Leading Nigerian retail bank, Access Bank Plc, has launched a campaign to promote its Access Mobile Wallet service.

Tagged Awoof Berekete, it is a savings reward scheme, which runs from August to November 2019.

During the period of the campaign, customers who use their Access Mobile Wallet to make transactions will be rewarded handsomely.

Customers can get 20% cash back up to N1,000.00 when they purchase airtime via Access Money Wallet as well as receive 10 times their initial deposit (up to N10,000) when they fund their Access Money Wallet and save for 7 days.

Head, Business Development and Planning at Access Bank, Chinedu Onuoha, said: “We are the largest bank in terms of customer base. Cumulatively, we have about 30 to 31million customers. By 2022, we intend that this should be a minimum of 65million customers and to achieve this, we came up with Awoof Berekete, which is another way to reward our customers.”

“Awoof berekete intends to encourage those whose accounts have been dormant or inactive due to various reasons – insufficient documentation, BVN etc. Customers will get 20% cash back up to N1,000.00 when they purchase airtime on their Access Money Wallet as well as receive 10 times their initial deposit (up to N10,000) when they fund their Access Money Wallet and save for 7 days.

Further, he stated that: “What we are essentially doing incentivizing them (customers) to be more productive.

Sometimes you pay N200 as transport fare to go and pay somebody N2,000. What we are saying is that you can stay in the comfort of your home and do that transfer; also that market woman on her way home can drop the vegetables for you. Those kinds of things can happen and help people promote efficiency and also make them live better lives.”

The Access Mobile Wallet is an electronic wallet service which allows users to save, transfer, and receive money. It provides access to a wide range of financial services offered by Access Bank and access to all the Bank’s branches and agents nationwide.

Continue Reading

BUSINESS

FirstBank supports educational institutions with FirstEdu

Published

on

FirstBank MD, Adeduntan

The premier and leading financial services provider, First Bank of Nigeria Limited, has announced its educational solution – FirstEdu – specifically designed to enhance the educational facilities in schools. The FirstEdu product includes FirstEdu loan and FirstEdu portal.

FirstEdu loan is targeted at private Nursery & Primary and Secondary schools to assist the schools in achieving their desired growth in the medium and long-term. The product provides funding to replace old furniture and equipment, pay staff salaries, purchase brand new or fairly-used buses as well as refurbish dilapidated buildings and classroom blocks. With this product, school owners/proprietors can stay ahead of competition at all times.

The product enables the schools to access facility with no tangible collateral, apart from domiciliation of school fees account with the Bank.

In addition, FirstEdu portal is a modular and robust web-based enterprise portal that enables Tertiary educational institutions manage academic, administrative, professional, logistics and payment challenges. The basis for its robustness is to take the stress of logistics, administrative and payment challenges off the institutions, as they focus on meeting their year-long, medium and long-term objectives.

The product features and benefits include; e-Learning, virtual library and facilitation of exchange programmes with foreign educational institutions; academic & student events/time-table/calendar management; school fees payment via the internet; online information and result checking; interactive community forum between students and teachers. It also affords applicants the opportunity of enrolling from the comfort of their homes or any location around the world; no licensing, installation and maintenance cost and plugs avenues for revenue leakages amongst others.

According to Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, “with FirstEdu, private schools across the various tiers of education in Nigeria; elementary, secondary and tertiary, have the right tool to boost their business to the level they desire. With over N5 billion loans already disbursed to schools this year alone, we are committed to supporting growth in this key sector of our economy.”’

For further information on FirstEdu, visit the FirstBank branch nearest to you or contact us on our social media channels.

Continue Reading

BUSINESS

CBN okays AIP to 3 payment service banks

Published

on

In line with its objective of enhancing financial inclusion and the development of the payment system by increasing access to deposit products and payments services through a secured technology-driven environment, the Central Bank of Nigeria (CBN) has issued Approvals-in-Principle (AIP) to three Payment Service Banks (PSBs).

The three institutions issued approvals in principle to operate as Payment Service Banks are Hope PSB, Money Master PSB and 9PSB.

This was disclosed in Abuja by the Director, Corporate Communications Department of the CBN, Isaac Okorafor, who explained that the approval in principle was part of the processes the institutions had to fulfil in order to be granted license to operate as fully-fledged Payment Service banks.

According to Okorafor, the decision of the CBN to issue the AIP to the applicants followed the institutions’ satisfaction of documentation and other laid down conditions.

Sequel to the issuance of the AIP to the three banks, he said they are expected to submit their respective applications for the grant of a final licence, not later than six months after the AIP.

Speaking further, he disclosed that the CBN code of corporate governance for banks would also be applicable to the PSBs.

Continue Reading
Advertisement

Facebook

Advertisement
Advertisement

Trending