Access Bank groses N168.3b in earning

Access Bank Plc has released its audited results for the first half ended 30 June, 2015, showing positive growth in financial indices. The group recorded a strong performance in the first six months of the year, reasserting its capacity and resolves to deliver strong returns in spite of a tighter operating environment. In the audited financial results released to the Nigerian Stock Exchange (NSE) in Lagos, Access Bank recorded gross earnings of N168.3 billion, representing an increase of 43 per cent over the N117.9 billion recorded in the same period in 2014. The bank proposes an interim dividend of 25 kobo per share. Growth in gross earnings was boosted by an 18 per cent increase in interest income to N98.9 billion in the first half of 2015 from N83.6 billion in the comparative period of 2014. The group posted a profit before tax of N39.1 billion which rose by 44 per cent from N27.1 billion in 2014. Profit after tax was up 39 per cent in 2015 to N31.3 billion, compared to N22.6 billion in half year 2014. Its share price as at last Friday stood at N4.69 kobo per share. Commenting on the results, Group Managing Director, Herbert Wigwe, stated, “The results reflect the bank’s concerted efforts to deliver on its growth objectives for 2015. The first half of the year was defined by significant macro-economic and policy headwinds with major impact on all aspects of our business. The group despite those challenges reported improved profits in the first half of the year with significant contributions from our securities trading business.