Access Bank Explains Delayed Submission of Half-year Audited Results

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Goddy Egene

Shareholders of Access Bank Plc are to know the interim dividend for the  half  year ended June  30, 2019 not later than September 15, days, the bank said last Friday.  The bank ought to have submitted its  half year audited financial statements last by now  but this is yet to be  done. In a notification to the Nigerian Stock Exchange (NSE),  the bank said the delay in announcing the results was due to its merger with defunct Diamond Bank Plc.

“Customarily, Access Bank Plc normally renders audited financial statements  half yearly , which in line with the rules of the exchange, is expected to  be published  within 60 days period from the end of period.  Due to the recently concluded merger between Access Bank Plc and defunct  Diamond Bank Plc and consequent business integration, the half year audit  of the enlarged institution has taken more to complete than usual. This  is considered a one-off event being the maiden audit  sequel to the merger. Consequently, we hereby notify the exchange and the investing public that  the bank’s  half year audited financial statements, subject to Central Bank of Nigeria’s approval will be submitted not later than September 15, 2019,” the bank said.

 The bank had last year paid an interim dividend of 25 kobo for H1 of 2018 and expectations are that the level of dividend could be retained or surpassed.

The bank had opened 2019 with an improved first quarter performance to March 31. Growing profit before tax(PBT)  by 64 per cent from N27.438 billion to N45.101 billion, while profit after tax (PAT) grew faster  by 86 per cent from N22.116 billion in 2018 to N41.147 billion in 2019.

Commenting on the results, Group Managing Director/ Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe said:“The group delivered solid earnings underscoring the value potentials of the newly expanded business model. Gross earnings showed a 16 per cent increase to N160.1bn from the prior year, comprising strong earnings on interest income and non-interest income of 69 per cent and 31 per cent respectively, whilst Profit before Tax (PBT) grew  to N45.1 billion. Our capital and liquidity position remained above regulatory levels, with CAR at 19.5 per cent and liquidity ratio of 47.6 per cent further demonstrating the capacity of the enlarged balance sheet to cope with possible negative shocks.”