Access Bank Posts N40.9 billion Profits For Q1 2020

LAGOS: The Access Bank Plc has recorded a profit after tax of N40.9 billion in the first quarter period ended March 31st, 2020.

According to the company’s financial statement for Q1 2020, which was released on Friday, April 23, 2020 shows other key details about the company’s Q1 financial performance as can be seen below.

Net Interest Income:
Access Bank’s net interest income for the period under review stood at N72.2 billion. This indicates a 27% increase compared to N56.8 billion that was recorded in Q1 2019.

Personnel and Operating Expenses:
In Q1 2020, the tier-1 bank incurred a total cost of N19.6 billion in personnel expenses. This shows a 53.5% jump compared to N12.8 billion in Q1 2019. In the same vein, other operating expenses also jumped sharply to N63.5 billion, marking a 69.8% increase when compared to N37.4 in Q1 2019.

Profit before tax & profit after tax:
Access Bank’s profit before tax for Q1 2020 stood at N46.2 billion. This is 2.6% more than N45.1 billion reported in Q1 2019. On the other hand, profit after tax decreased slightly by 0.53% to N40.9, down from N41.1 billion.

Recalled that Access Bank’s earnings per share (basic) for the period decreased to 121 kobo as against 139 kobo. Diluted earnings per share also decreased to 119 kobo in Q1 2020 as against 137 kobo in Q1 2019.