Merger paying off as Access Bank reports massive rise in profits

Access Bank Plc has released its unaudited financial statements for the period ended September 30, 2019, which clearly show positive figures across most financial indicators. The breakdown is shown below.

Net Interest Income: The financial statements showed that Access Bank generated N210.21 billion in net interest income as at the period ended September 2019. This represents a 70.98% increase compared to the nine months period of 2018 when the lender recorded N122.94 billion.

Profit Before Tax: As at the end of the third quarter of September 2019, Access Bank recorded N103.10 billion as profit before tax, up from N70.26 billion recorded as at the end of the third quarter of September 2018. This represents an increase of 46.74%.

Profit After Tax: The lender recorded a profit of N90.73 billion for the nine-month period of 2019, compared to N62.91 billion recorded at the end of the nine months period for 2018. This represents a 42.22% increase in profit.

Earnings Per Share: The bank recorded N2.18 as earnings per share as at the end of the third quarter of 2018 compared to N2.79 as at the end of the third quarter of 2019.

Recently, Access Bank explained why it did not submit its Half-Year Financial Statement for the period ended June 2019 before the deadline set by the Nigerian bourse.

The lender in a statement sent to the Nigeria Stock Exchange disclosed its merger with Diamond Bank caused the delay in submission of its Half-Year 2019 Financial Result. It was reported that the integration of both businesses made it impossible for the bank to meet the deadline.

Access Bank and Diamond Bank had informed the public of their consolidation plan late last year, however, the merger didn’t happen until this year. After the merger, Access Bank kept the name while the logo was changed to infuse the identity of Diamond Bank. The consolidation of both banks made Access Bank the largest bank in Nigeria by customer size.

Access Bank said its First-Half result for 2019 would be out not later than September 15, 2019.

Access Bank finally released its half-year financial results for the period ended June 30, 2019, in September 2019. In its H1 2019 financial statements published earlier on the Nigerian Stock Exchange (NSE) website, the lender disclosed that it experienced a 59% increase in its profit after tax.

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