Access Bank Plc held its Half Year (HY) 2021 results presentation to investors and analysts. Below are the facts to the figures;
- Gross revenue grew by 14% YoY to N450.6bn, comprising of 71% in interest income and 29% in non-interest income. The Group explained that the strong and diversified revenue growth were driven by expansive retail banking growth as evident by the increased velocity of transactions, well executed trading strategy, optimizing value chain of wholesale banking customers, prioritizing margin growth through efficiencies, and delighting the customer at every touchpoint.
- Interest income grew by 30% YoY, due to the improved yield environment and a growth in interest on loans and advances to customers, which partly cancelled out the decline in cash and cash equivalents.
- In its retail banking division, the bank recorded over 42million customers, opened 1.3 million accounts under its agency banking initiative, recorded 75, 231 registered agents nationwide and attracted about N1.37 trillion in savings account deposits during the period under review.
- The bank also showed resilience during the period as its assets yields increased by 80bps YoY to 10.3%. Net interest margin increased by 157bps YoY to 6.4%, while Cost of Funds (CoF) decreased by 80bps YoY to 2.9%.
- Operating expense grew by 9% YoY to N189.8bn due to enlarged franchise following the acquisitions in Kenya, Mozambique, South Africa and Zambia.
- The group maintained strong asset quality relative to peers with NPL ratio stable at 4.3% in June 2021. (December 2020: 4.3%)
- Digital loans worth N68bn were disbursed during the period.
For more information about the Investors presentation, click HERE.