Access Bank Plc H1 2018 Conference Call and Earnings Presentation - The Key Takeaways

Proshare

Thursday, August 30, 2018 06:55 PM / Proshare Markets

Access Bank Plc held its H1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals.

The bank, in its presentation gave an overview of the economy as well as an overview of the domestic operating environment. The bank is of the view that Nigeria’s economic recovery path has been solidified by the sustained oil price stability.

Access Bank Plc, according to its group financial highlights, recorded a gross earnings of N253.02bn in H1 2018 as against N246.58bn in H1 2017, up by 3% YoY while its net interest income also moved up by 3% from N85.3bn in H1 2018 as against N83.0bn in H1 2017.The bank’s  Profit Before Tax decreased by 12%  YoY from N52.05bn in H1 2017 to N45.84bn in H1 2018.  This was driven by the decline in non-interest income (due to the decline in trading income).

Its balance sheet snapshot reflected that its loan and advances and shareholders’ funds declined by -3% and -11% respectively while its total assets and customer deposits moved up by 7% YoY respectively.

At the close of trading today, the share price of Access Bank Plc moved down by a tick size of -3.16% to close at N9.20k from N9.50k previous close price.

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In a nutshell, below are the key takeaways from the H1 2018 earnings presentation made by the bank’s management;

1.      The bank’s Capital Adequacy Ratio stands at 20.8% as at H1 2018.

2.      Its cost of funds remained stable QoQ at 5.8% in Jun’18. The Bank continues its retail drive to significantly improve its deposit structure to bring funding costs lower

3.      The bank’s subsidiaries continued to improve their contribution to the group’s performance, recording total subsidiary PBT of N13.66bn up 104% y/y (H1’17: 6.70bn), accounting for 30% of Group’s PBT

4.      The Bank’s focus on digital and mobile banking continues to gain traction with y-o-y increases in mobile revenue and app usage showing tangible results;

5.      The bank recorded reduction in capital due to net impact of IFRS 9 adjustments.


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