Access Bank chief harps on digital banking as tools to sustainable earnings
Nigeria’s Access Bank said digital banking has become more essential than ever in the pursuit of sustainable earnings in the nation’s banking industry.
Herbert Wigwe, chief executive of the bank said Access Bank has leveraged on investment in digital banking post-merger with the defunct Diamond Bank, which has helped the lender growth in the retail banking business and its customer base.
“Leveraging investments in digital banking post-merger, we have seen a growth in our retail banking business, as evidenced by the growth in customer sign-on, transaction volume and value, and increased adoption of our digital channels,” Wigwe said.
“While the other half of 2020 will remain challenging, digital banking has become more essential than ever in the pursuit of sustainable earnings.
“We are confident that our purposeful strategy, diversified model, and investment in digital solutions will ensure that we remain resilient and continue to support our stakeholders to recover and thrive. I want to thank our employees for their commitment and exceptional work in these uncertain times,” Wigwe was quoted by a statement from the bank.
The bank posted 22 percent growth in its revenue in the first half of the year to N396.8 billion year-on-year, on the back of a 191 percent year-on-year growth in non-interest income to N150 billion.
The bank declared a profit before tax of N74.306 billion in half year 2020, up from N72.964 billion recorded in the first six months of 2019.
Despite the shortfalls due to the COVID-19 pandemic, Access Bank maintained a robust capital position, underpinned by resilient and well-diversified business operations.
Its capital and liquidity positions were well above regulatory levels with a capital adequacy ratio of 20 percent and a liquidity ratio of 44.7 per cent.