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  • Business - Banking & Finance
  • Updated: September 04, 2020

Access Bank Half Year Performance Disappointing, As Profit Drops Significantly

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

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Access Bank has released it's consolidated and separate financial statements for the period ended June 30, 2020. Access Bank reported that the Group recorded revenue of NGN396.7 billion in the period under review, surpassing the NGN324.3 billion it recorded during the corresponding period of 2019.

The company also recorded NGN338.5 billion as revenue for the first half of this year, surpassing the NGN277.9 billion it generated the corresponding period of last year, Access Bank's financial statement disclosed.

[READ ALSO: GTBank Accused Of Using Customer's Money To Play Bet, As Customers Lose About N770,000]

AllNews gathered that the Profit before tax for Access Bank Group grew to NGN74.3 billion in the first six months of 2020, from the NGN72.9 billion it reported for the same period in 2019. However, the Company reported a significant decline in its Profit before tax, as it recorded NGN49 billion in 2020 first half, lower than the NGN56.8 billion it recorded in the 2019 first half.

Access Bank Group's Profit for the period nosedived, declining to NGN61 billion in the half-year of 2020, failing to surpass the NGN61.8 billion it recorded last year's first half. The company's profit for the period under review dropped significantly from NGN49.2 billion of 2019 first half to NGN42.5 billion in 2020 half year.

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

More From this Author

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