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Access bank records N97.5bn six-month profit



Access Bank gets CBN's nod to acquire Kenya’s Transnational bank

Access bank recorded an impressive first half 2021, as profit before tax grew by 31.21 per cent to N97.50 billion from N74.31bn in the corresponding period of 2020.

The bank also recorded gross earnings of N450.62 billion for the first half of the year, a 13.58 percent increase from N396.77 billion in H1 2020.

However these impressive figures could have been considerably higher if the bank had not been targeted by armed robbers and fraudsters in the first six months of the year.

Access bank in its unaudited statement revealed that it suffered a loss of N126.7 million as a result of armed robbery, fraud, and forgery.

This represents a 53.01 percent increase over the N82.7 million lost in the same period in 2020.

The N126.7 million loss recorded by Access Bank is part of a total loss of N837.6 million (837,608,000) reported stolen from the bank between January and June.

In its explanation note Access bank said, “the actual loss that was incurred by the Bank for the period is N126.71 million (June 2020: N82.768 million). The rest of the loss amount represents the losses incurred by other third parties.”

READ ALSO: Access Bank warns directors, insiders against trading shares as it suffers setback

The third parties’ loss when calculated is over N710.8 million.

Breakdown of the stolen funds from the report showed that in three separate armed robbery incidents Access bank’s N20.57 million was carted away.

Successful Electronic Fraud/USSD worth N668.2 million was also intiated.

Cash Theft/Suppression worth N11.06 million was successfully completed, as was Fraudulent Transfer/Withdrawals worth N130.3 million.

Also, the bank recorded successful Fraudulent diversion of funds worth N7.4 million.

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