Access grows pre-tax profit to N97.8b in half year

Access Holdings grew its pre-tax profit growth of 0.4 percent in the first half of the year, it said in a statement released to the Nigerian Exchange Limited. Profit before tax rose to N97.8b in the first half of the year, from N97.38b in the same period in 2021, the bank said in a statement […]

Access Holdings grew its pre-tax profit growth of 0.4 percent in the first half of the year, it said in a statement released to the Nigerian Exchange Limited.

Profit before tax rose to N97.8b in the first half of the year, from N97.38b in the same period in 2021, the bank said in a statement filed to the bourse after trading on Wednesday.

Profit after tax N87.3b by 1.5% from N85.98b over the same period, it said.

While the group recorded a “decent growth” in Pre-provision operating profits, a rise in Loan loss provisions dampened its impact on earnings growth, Coronation Research noted in its notes to clients on Thursday. It said the growth in pre-provision operating profits was driven primarily by  Non-Interest Revenues, specifically Trading revenues.

The net profit figure translates to Earnings Per Share of N2.52, out of which the board proposed an interim dividend of N0.20, down from  N0.30 it gave for the same period last year.