Access Bank   GMD, Mr. Aigboje Aig-Imoukhuede

Goddy Egene

The much-awaited financial results of Access Bank Plc for the half year (H1) ended June 30, 2012  was released  to stock market operators Tuesday with the bank recording impressive performance and recommending an interim dividend of 25 kobo per share.

All other banks had reported their 2012 half year results, leaving only Access Bank Plc. However, market operators said the delay was worth it considering the growth the bank posted in all its performance indicators.

Access Bank ended the H1 of 2012 with gross earnings of N108.7 billion, showing an increase of 103 per cent above the N53.65 billion in the corresponding period of 2011. 

Profit before tax soared by 143 per cent, rising from N12.3 billion to N30 billion. Profit after tax even witnessed a higher growth of 225 per cent to hit N26.313 billion compared with N8.08 billion in the corresponding period of   2011.
Profit margin improved from 15 per cent last year to 24 per cent this year while total assets stood at N1.692 trillion, up from N1.629 trillion.

Based on the improved result, the directors have recommended an interim dividend of 25 kobo per share, translating to an annualised dividend yield of 5.7 per cent   given  yesterday’s closing price of N8.74 of Access Bank Plc. 

According to the bank, its register would close on October 3 for the purpose of the   dividend while payment would be made on October 17.

The Group Managing Director/Chief Executive Officer of   Access Bank Mr. Aigboje Aig-Imoukhuede, had last May assured shareholders that given the first quarter result ended March 31, 2012, the bank would be able to deliver competitive double digit returns to shareholders in 2012 and beyond.

The  bank had ended the Q1 with  a profit after tax of N15.5 billion, which showed an increase of 118 per cent above  the N7.1 billion in the corresponding period of 2011.