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FY 2020: Access Bank Plc posts N764.72 billion gross earnings

Monday, 5 April 2021, 9:38 am
in Business, Companies
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FY 2020: Access Bank Plc posts N764.72 billion gross earnings
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Access Bank Plc reported N764.72 billion gross earnings for the year ended 31 December 2020 according to the financial statements released by the Bank. This represents a 14.7% rise compared to the N666.75 billion recorded by the Group in 2019.

Interest income amounting to N489.22 billion represents 64% of the gross earnings, although it is a decline compared to the N536.85 billion interest income grossed in 2019.

The net interest income dropped by 5.2% to N263 billion in 2020 from N277.23 billion in 2019.

The net fees and commissions income rose by 26.4% to N93.57 billion from N74.05 billion in 2019.

Notably, the “Net gains on financial instruments at fair value” rose to N122.69 billion in 2020 from the N66.10 billion recorded in 2019. Also, “Net foreign exchange (loss)” slumped to N7.57 billion in 2020 from N83.88 billion in 2019.

Personnel Expenses dropped to N73.17 billion from N76.96 billion in 20219 while “other operating expenses” jumped to N215.82 billion in 2020 from N151.10 billion reported in 2019.

Income tax expense rose to N19.91 billion in 2020 from N17.87 billion in 2019.

The profit for the year increased by 12.7% to N106.01 in 2020 from N94.06 billion in 2019 and the earnings per share rose to N3.01 from N2.79 in 2019.

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The Balance Sheet

Access Bank Plc total assets rose to N8.68 trillion in 2020 from N7.14 trillion in 2019.

Major components of the assets

  • Loan and advances to customers: N3.22 trillion (2019: N2.91 trillion)
  • Investment securities: N1.75 trillion (2019: 1.08 trillion)
  • Restricted deposit and other assets: N1.55 trillion (2019: N1.06 trillion)

Total liabilities increased to N7.93 trillion in 2020 from N6.54 trillion in 2019

Major liability components

  • Deposit from Customers: N5.59 trillion (2019: N4.26 trillion)
  • Deposits from financial institutions: N958.5 billion (2019: N1.19 trillion)
  • Interest-bearing borrowings: N791.46 billion (2019: N586.60 billion).

Shareholders equity rose to N743.7 billion in 2020 from N598.21 billion in 2019.

Access Bank Plc Cash and cash equivalents at end of the year dropped to N837.85 billion in 2020 from N1.23 trillion in 2019.

The Group is a party to numerous legal actions arising out of its normal business operations. The Directors believe that, based on currently available information and advice of counsel, none of the outcomes that result from such proceedings will have a material adverse effect on the financial position of the Group, either individually or in the aggregate. N1.9Bn provision has been made as at 31 December 2020.

At the close of trading on Thursday, the share price of Access Bank Plc was up by 1.25% to N8.10 per share. YTD the share price is down by 4.14%.

About Access Bank Plc

The Bank was incorporated as a private limited liability company on 8 February 1989 and commenced business on 11 May 1989. The Bank was converted to a public limited liability company on 24 March 1998 and its shares were listed on the Nigerian Stock Exchange on 18 November 1998. The Bank was issued a universal banking license by the Central Bank of Nigeria on 5 February 2001.

The Bank’s principal activities include the provision of money market products and services, retail banking, granting of loans and advances, equipment leasing, corporate finance and foreign exchange operations.

The Bank has the following subsidiaries: Access Bank (Gambia) Limited, Access Bank (Sierra Leone) Limited, Access Bank (Zambia) Limited, The Access Bank (UK) Limited, Access Bank (Ghana) Plc, Access Bank (Rwanda), Access Pension Fund Custodian Ltd, Access Bank (D.R. Congo), Access Bank (Guinea), Access Bank (Mozambique) and Access Bank (Kenya). The Bank also has Diamond Finance B.V, an offshore Special Purpose Vehicle used for the issuance of the U.S.$50,000,000, 7.25 Per Cent participatory Notes which is due in 2021, guaranteed by Access Bank.

The Bank also operates a Representative office in China, Lebanon and India. The Access Bank (UK) Limited operates a branch in United Arab Emirates (UAE).

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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