Home Companies&Markets Access Bank Plc takes N156 billion impairment, beats profit expectation with N74.3...

Access Bank Plc takes N156 billion impairment, beats profit expectation with N74.3 billion in H1 2020

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FRI, SEPT 04 2020-theG&BJournal- Access Bank Plc Thursday published its consolidated and separate financial statements for the period ended June 30, 2020 showing Gross Earnings up in H1 2020 to N396,757,240 billion from N324,375,797 H1 2019 and a slight decline in profit after of tax N61,034,794 billion from N61,873,675 billion reported in H1 2019.

The Bank took a huge impairment of N156,359,040 billion, compared to N55,449,509 in H1 2019, which analysts said is reflective of the weaker economic outlook.

The Board of Directors of proposed lnterim Dividend of 25 Kobo per ordinary share of 50 Kobo (HY2019: 25Kobo) each on the 35,545,225,622 issued ordinary shares of 50k each payable to shareholders on the register of shareholding at the closure date.

‘’Withholding tax was deducted at the time of payment,’’ the bank said in the financial statement.

Earnings Highlight

Gross Earnings N396,757,240 billion Vs N324,375,797 H1 2019

Profit before tax N74,306,223 billion Vs N72,964,975 billion H1 2019

Profit after tax N61,034,794 billion Vs. N61,873,675 billion H1 2019

Earnings per share (Kobo) 173 Vs 190 H1 2019

Income tax expense N13,271,429 billion Vs N11,091,301 billion H1 2019

Impairment N156,359,040 Vs N55,449,509 H1 2019

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