Access Bank Plc posted a gross earnings of N764.717 billion in the financial year ended December 31, 2020., despite a challenging economic and regulatory landscape in the country.
The bank’s audited results released on the floor of Nigerian Stock Exchange (NSE) over the weekend showed that gross earnings went up by 15 per cent from the N666.754 billion posted for the comparative period of 2019 to N764.717 in 2020.
Net interest income declined by 5.2 per cent from N277.2 billion to N262.9 billion, while impairment loss grew by 211.5 per cent to N62.893 billion as against N20.189 billion.
Non-interest income soared by 112.1 per cent to N275.501 billion, from N129.907 billion in 2019. Operating expenses witnessed rose by 26.9 per cent to N326.509 billion from N257.223 billion in 2019.
Profit before tax rose to N125.922 billion, indicating a growth of 12.5 per cent compared with N111.926 billion in 2019. Profit after tax grew by 12.7 per cent to N106.010 billion from N94.057 billion in 2019.
Speaking on the results, the group managing director and CEO of Access Bank, Herbert Wigwe, said, the institution’s resilient performance is a testament to the effectiveness of its strategy and capacity to generate sustainable revenue.
According to Wigwe, the strategic actions the bank has taken over the past 12 months evidence a strong focus on retail banking and financial inclusion, an African expansion strategy and a drive for scale for sustainable value creation.
“In 2020, Access Bank proudly opened its doors for business in Kenya and Mozambique, further increasing our footprints across the African continent,’’he said.
Zambia also concluded the acquisition of Cavmont Bank Limited in January 2021 and the group recently announced the approval by relevant regulatory authorities for the acquisition of Grobank Limited, creating an inroad into the South African market in realization of the Group’s strategic ambitions.
“In view of the opportunities that exist in the market, we will be transitioning to a HoldCo structure.
The Bank has received the Approval-In-Principle from the Central Bank of Nigeria for the restructuring and the HoldCo will consist of four subsidiaries in order to tap into the market opportunities that are available in the consumer lending market, electronic payments industry and retail insurance market,” he pointed out.