It’s another big win for Access Bank as they gain $73 million in income and earnings from E-channels. They recorded this in the first half of 2021which is a 37 percent increase from ₦21.8 billion ($53 million) at the same time in 2020.
Earnings from electronic channels, card products, and related services account for these earnings from the bank’s E-business and channels platform. This was revealed in the company’s interim financial results for the three months ended June 30, which were released on Friday.
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Last year, the country’s largest bank by customer base and total assets earned roughly ₦56.09 billion ($137 million) through E-business, up from ₦36 billion ($88 million) the previous year.
The bank’s income has increased mainly as a result of more Nigerians becoming financially savvy, which has led to their using electronic and online banking services, as well as a growing trend of digital adoption after the Covid-19 lockdown.
Access Bank has increased deposits to about ₦6 trillion ($15 billion) since merging with Diamond bank three years ago to become the largest bank in the country. This is a significant increase from the ₦3.5 trillion ($8.5 billion) they had in 2018 when merger proposals first surfaced.
The financial report for the first half of 2021 indicates a 31.21 percent growth in profit before tax to ₦97.50 billion ($238 million), up from ₦74.31 billion ($181 million) in 2020. They reported a 13.58 percent growth in gross earnings to ₦450.62 billion ($1.099 billion) in the first half of the year, up from ₦396.77 billion ($968 million) in the first half of 2020.
In addition, interest income increased by approximately 32% from ₦211.99 billion ($517 million) in 2020 to ₦279.64 billion ($682 million), while earnings per share increased by 43.35 percent from ₦1.73 to ₦2.48.
Despite the fact that electronic payments are on the rise in Nigeria, the country still relies heavily on cash. Although a number of obstacles prevent widespread acceptance, the future is bright and offers limitless prospects for online payment service providers and businesses in the country.