The Group Managing Director of Access Bank Plc, Herbert Wigwe has assured of the Bank’s commitment to offeri greater share value to its stakeholders.
The assurance is sequel to the announcement of the bank’s financial results for the half-year ended June 30 2020,
Commenting on the result for the the period in review, Wigwe said “Leveraging investments in digital banking post-merger, we have seen a growth in our retail banking business, as evidenced by the growth in customer sign-on, transaction volume and value, and increased adoption of our digital channels. While the other half of 2020 will remain challenging, digital banking has become more essential than ever in the pursuit of sustainable earnings.
“We are confident that our purposeful strategy, diversified model, and investment in digital solutions will ensure that we remain resilient and continue to support our stakeholders to recover and thrive.
‘ I want to thank our employees for their commitment and exceptional work in these uncertain times,” he added.
The Group recorded a 22 percent year- on- year growth in gross earnings of N396.8bn. This follows a 191% year-on-year growth in non-interest income to N150bn, buttressing the efficacy of its strategy and capacity to generate sustainable revenue.
Access Bank also continued to grow its trading and transaction banking income through the optimisation of its channels and electronic banking business, despite the reduction in transaction charges.
Profit Before Tax stood at N74.3 billion, notwithstanding the high cost of operation as well as an increase in its net impairment charge.
The Bank’s capital and liquidity positions were well above regulatory levels with a Capital Adequacy Ratio of 20.0 per cent and a liquidity ratio of 44.7 per cent.
In the first half of 2020, Access Bank took several actions to pro-actively identify and resolve loan performance concerns by maintaining a robust capital position, underpinned by resilient and well-diversified business operations in line with its long-term approach to risk management and sustainability in its balance sheet.
The resultant effect of this approach was an NPL ratio of 4.4 per cent, backed with write-offs..
The bank has gone further to declare an interim dividend of 25 kobo per share to be paid on Monday, September 28, 2020.
According to the Bank, payments will only be made to those whose names appear on the register of members at the close of business on Thursday, September 17, 2020, and have completed the e-dividend registration directives given to United Securities Limited.