Access Bank records 0.5% PAT for Q1 2020

Access Bank Plc has released its unaudited consolidated and separate financial statements for first quarter 2020. The financial statements demonstrate a reduced profit compared to the previous quarter. The breakdown of the report is shown below:

Interest Income: Access Bank generated N113.7 billion in interest income as at March 2020, compared to N95.1 billion recorded at the end of the first quarter of 2019. This represents an increase of 19.5%.

Net Interest Income: At the end of the first quarter of March 2020, Access Bank generated N72.2 billion in net interest income, as against N56.8 billion recorded as at Q1 2019, representing a 27% increase in net interest income.

Profit Before Tax: As at the end of the first quarter of March 2020, the lender recorded N46.2 billion as profit before tax, up from N45.1 billion recorded at the end of Q1 2019. This represents an increase of 2.6%.

Profit After Tax The bank recorded a profit of N40 billion for the first quarter of 2020, down from N41.1 billion recorded at the end of March 2019, representing a 0.5% reduction in profit after tax.

MyNigeria.com portends this reduction in profit is as a result of the income tax paid by the bank which increased by 35%. The bank paid N3.9 billion in taxes in Q1 2019 compared to N5.3 billion taxes in Q1 2020.

Earnings Per Share: Access Bank recorded an Earnings Per Share of N1.21 kobo for Q1 2020 as against N1.39 recorded as at the end of March 2019.