Access Bank: Still creating ...

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Bank further stated.

The analysts “Buy” rating for Access Bank stock is because they consider it currently undervalued and expect and expect the stock to underperform the market’s benchmark indicator over the next 12 months.

CEO’S comments

While commenting on the results, Herbert Wigwe, Managing Director/ CEO, Access Bank Plc said “The Group delivered a robust performance in the first six months post merger, despite a challenging and fast-changing macro and banking landscape.”

The results, he said which reflects the performance of the combined entity post merger “has outstripped those of the combined entities on a standalone basis.”

“This further reinforces the bank’s sustainable business model and brand promise to deliver more to all stakeholders as we work to realise the envisioned synergies of merger.

“The effective execution of our strategies ensured strong top- line figures of N513.7billion, a 37percent growth from the previous year, on the back of a 48percent y/y growth in interest income.

“Customer deposits recorded a 65percent gain year-to-date (ytd) to N4.239trillion with low-cost deposits accounting for 54percent of the deposits mix. Pre-tax profits also grew 47percent y/y to N103.1billion, driven largely by a 71percent y/y increase in Net Interest Income, evidencing proficient utilisation of the bank’s assets”, the GMD said. “Customer deposits grew by 8.1percent since the merger from a combined customer deposits of N3.92trillion in March 2019 to N4.24trillion in September 2019 with strong retail base. Similarly, net loans and advances grew by 7.2percent post the merger.