Access Bank Plc has reported a profit before tax of N74.306bn for the period ended June 2020 from N72.965bn recorded during the same period in 2019.
The bank disclosed this in the financial statements released on Thursday through the Nigerian Stock Exchange.
Interest income declined to N211.991bn, against the N226.125bn recorded in the same period in2019.
Access’ interest income on financial assets declined from N46.772bn achieved in the corresponding period of 2019 to N34.732bn in the period under review.
The bank’s interest expense rose from N117.750bn recorded in the first half of 2019 to N120.515bn in H1 2020.
Similarly, net impairment charge expanded from N4.879bn in H1 2019 to N16.466bn in the first half of 2020. Also, net interest income stood at N126.207bn, below N155.146bn posted in the same period of 2019.
Net interest income after impairment charges declined from N150.266bn filed in H1 2019 to N109.742bn in the period under review.
The lender’s net fee and commission income rose from N37.529bn in H1 2019 to N40.592bn, largely due to the increase in fee and commission income from N41.858bn in the corresponding period of 2019 to N51.775bn.
Profit after tax declined slightly from N61.874bn achieved in H1 2019 to N61.034bn due to the surged in income tax paid by the bank from N11.091bn in H1 2019 to N13.271bn in H1 2020.
The bank declared an interim dividend of 25 kobo for every share of 50 kobo, disclosing that it is only for shareholders whose names are on its register at the close of business on September 17, 2020.
