Access Committed to Creating Value for Shareholders, Says Wigwe

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Herbert Wigwe

The Group Managing Director of Access Bank Plc, Mr. Herbert Wigwe has assured all stakeholders of the bank’s commitment to offering greater share value.

This followed the bank’s recent announcement of its financial results for the half-year ended June 30 2020.

“Leveraging investments in digital banking post-merger, we have seen a growth in our retail banking business, as evidenced by the growth in customer sign-on, transaction volume and value, and increased adoption of our digital channels.

“While the other half of 2020 will remain challenging, digital banking has become more essential than ever in the pursuit of sustainable earnings.

“We are confident that our purposeful strategy, diversified model, and investment in digital solutions will ensure that we remain resilient and continue to support our stakeholders to recover and thrive. I want to thank our employees for their commitment and exceptional work in these uncertain times,” a statement quoted Wigwe to have said.

The Group recorded gross earnings of N396.8 billion (+22% year-on-year), on the back of a 191 per cent year-on-year growth in non-interest income to N150 billion, buttressing the efficacy of its strategy and capacity to generate sustainable revenue.

The bank declared a profit before tax of N 74.306 billion in half year 2020, up from N 72.964 billion recorded in H1, 2019. This showed an increase of 1.84 per cent.

Despite the shortfalls due to the COVID-19 pandemic, Access Bank maintained a robust capital position, underpinned by resilient and well-diversified business operations. Its capital and liquidity positions were well above regulatory levels with a capital adequacy ratio of 20 per cent and a liquidity ratio of 44.7 per cent.