Access Bank records N451billion in half year revenue

What you should know The Central Bank of Nigeria (CBN) had announced that it will inject extra dollars into approved banks in order to increase the economy’s foreign exchange supply. The CBN had earlier directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of foreign exchange to meet legitimate forex requests of their customers. In complying with the CBN’s directive, deposit money banks in the country swiftly moved to set up teller points within their banking halls to attend to the forex needs of customers. The CBN had also directed that travellers who buy foreign exchange from banks for travel purposes but fail to embark on the trip after 2 weeks of their scheduled travel date must return the forex to the banks or face prosecution. The CBN Governor, Godwin Emefiele during the Monetary Policy Council meeting which was held on Friday, September 17, 2021 warned that the apex bank will hunt Nigerians who buy forex for Personal Travel purposes and later cancel such trips.

Access Bank Plc. for the first half of 2021, has recorded 13.6 percent rise in gross revenue to N450.6 billion.

The bank also in the first half of 2021, recorded an increase in profit of more than two-fifths, finding support from marked improvement in earnings from interest and fees and commission, its two major income sources.

Nigeria’s largest bank by asset, Access Bank, made N86.9 billion profit against the N61 billion reported in the same period of last year, according to the bank’s income statement on Thursday from the Nigerian Exchange Limited.

The bank is ramping efforts to increase the contribution of its foreign operations to total profit to 30 per cent, and has completed at least three acquisitions outside its home market Nigeria so far this year taking it’s total asset to over N10 trillion.

The bank’s board in a separate announcement, conveyed its decision to pay shareholders an interim dividend of N0.30 for every share held by them as at September 16.

As at Thursday, Access Bank shares were quoted at N9.25 per unit in Lagos.

Author: Greg