The Board of Access Bank Plc today announces that its Zambian subsidiary, Access Bank (Zambia) Limited has completed the acquisition of Cavmont Bank Limited, following fulfilment of the key conditions precedent including regulatory approvals.
The merger of Cavmont into Access Bank Zambia is expected to take place before the end of January 2021, following which Access Bank Zambia will emerge as a stronger and well-capitalised banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market.
Growing our presence in Zambia remains a strategic priority for Access Bank and with the conclusion of the proposed merger with Cavmont, the Bank looks forward to realising the synergies from the transaction and achieving further growth of the combined platform to the benefit of all stakeholders.
Access Bank Plc declared a profit after tax (PAT) of ₦61.03 billion in its half-year, 2020. This shows a declined by 1.35% from N 61.87 billion recorded in H1 2019.
Access Bank Plc, also announced 22.3% Gross Earnings growth in Q2’20 Results.
- Gross Earnings grew by 22.3% to N396.76bn from N324.38bn in the previous quarter.
- Profit before tax stood at N74.31bn.
- Profit after tax stood at N61.03bn.
- Net Assets grew by 10.5% from N606.74bn to N670.36bn.
- The lender also announced an interim dividend of 0.25K.
The Bank’s Profit Before Tax (PBT) increased by 1.84% to N 74.306 billion in its half-year, 2020 result from N 72.964 billion recorded in H1, 2019.
Access Bank’s interest income dropped to N212.0 billion from N226.1 billion, while the interest expense rose to N120.5 billion from N117.8 billion, with the net interest income at N126.2 billion versus N155.2 billion and a net interest income after impairment charges of N109.7 billion in contrast to N150.3 billion in H1 2019.
The bank also said it spent N36.3 billion on its personnel, higher than N31.3 billion in the same period of 2019 and this was because of the increase in the wages and salaries in the first six months of this year.