Access Bank has recorded a profit after tax of N88.74 billion, which accounted for 18% of the total profit posted by Nigerian banks in half year of 2022.
NewsBeatng reports that the newly restructured company recorded a marginal 2.1% growth in its net profit compared to N86.94 billion recorded in the corresponding period of 2021.
Access Bank grew its gross earnings by 31.4% year-on-year to N591.8 billion, however, the surge in its operating expenses affected the growth of the bank’s profit.
Notably, personnel expenses increased by 33.9% to N58.27 billion while other operating expenses surged by 40.2% year-on-year to N176.71 billion.
It is worth noting that tax expenses declined by 14.3% to N9.05 billion in the period under review.
