Access Bank Plc (NSE: ACCESS) in a publication earlier today, notified the investing public and the Nigerian Stock Exchange that a meeting of the Board of Directors of the bank has been scheduled for Thursday, July 30, 2020 to consider and approve the Company’s Audited Interim Financial Statements for the half year ended June 30, 2020.
The payment of Interim Dividend may also be considered at the meeting, according to the publication on the Nigerian Stock Exchange, seen by Investogist.
The Company also declared a closed period in respect of transactions on its securities from July 14, 2020 until twenty-four hours (24 hours) after the Audited Interim Financial Statements for the half year ended June 30, 2020 is released to the public in compliance with the listing rules of the Nigerian Stock Exchange.
In accordance with the rules, no director, employee, person discharging managerial responsibility, adviser of the Company and/or their connected persons may directly or indirectly, deal in the securities of the company in any manner during the closed period.
The bank stated that the Audited Interim Financial Statements approved by the Board will be submitted to the Central Bank of Nigeria for approval before release on the floor of the Nigerian Stock Exchange.
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In 2019, Access Bank Plc merged with Diamond Bank Plc to become the largest bank in Nigeria by customer base. The jury is still out on the benefits of this merger for the shareholders of Access Bank who have seen their shares diluted by the additional shares created by this merger.
The financial statement for the full year ended 31st December 2019, showed 89.98% increase in gross earnings, but only a marginal 2.66% increase in the Profit After Tax.
The financial statement for the first quarter ended 31st March, 2020 did not bring better news to shareholders, as both gross earnings and Profit after tax decreased by 3.30% and 0.53% respectively. ACCESS possess good fundamentals and a huge promise for the future.
ACCESS shares closed at N6.30 at the end of trading today on the NSE, YTD the stock is losing 37.00% of its value, and is down by 35.25% over 3 years, but up by 20.69% over 5 years.