By  MICHAEL EBOH

Access Bank Plc has recorded a profit after tax of N26.13 billion in its half year 2012 financial performance, driven by the completion of its post-merger integration, months after the acquisition of Intercontinental Bank.

According to a statement by the bank, signed by Mr. Olusegun Fafore, Team Lead, Media Relations, the bank’s after-tax profit grew by 225 per cent from N8.08 billion recorded in its audited results for the half year ended, June 30, 2011.

Also, the bank’s profit before tax grew by 143 per cent to N30.07 billion in half-year 2012, from N12.37 billion recorded in the same period in 2011.

The bank recorded gross earnings of N108.7 billion, up by 103 per cent from N53.65 recorded in half-year 2011.

Mr. Aigboje Aig-Imoukhuede, Group Managing Director/Chief Executive Officer, Access Bank Plc, assured shareholders of the bank improved returns on their investment for the 2012 financial year.

He said, “I am pleased to announce that Access Bank has delivered very strong audited results for the first half of 2012 whilst also completing our post merger integration with remarkable success.

“We are now firmly established as a top tier Nigerian Bank. Leveraging on our sustainability driven business philosophy, robust capital position and the quality of our workforce, I am confident that we will continue to deliver strong returns for our investors in 2012.”

Continuing, Fafore disclosed that the bank’s performance has been described by analysts as a valid testament to its financial strength and capacity for sustainable growth.

The analysts, he said, are of the view that the bank is already extracting value from its acquisition of Intercontinental Bank by leveraging scale and access to large retail deposit base evidenced by the Bank’s low cost of fund.

According to the analysts, Access Bank’s acquisition of Intercontinental Bank significantly altered the ranking of the top five Banks in Nigeria, adding that the bank is now firmly in the league of Nigeria’s four largest Banks by all metrics.

“This posture is validated by its customer base of over 5.7million, network of 310 branches and over 1700 Automated Teller Machine, ATM. The bank recently revised its corporate philosophy to highlight its vision of becoming ‘Africa’s Most Respected Bank’.

“This vision is underpinned by the Bank’s adoption and entrenchment of the principle of Sustainability at the core of its operations.  Access Bank obtains its operational legitimacy through commitment to responsible business practice and promotion of sustainable social agenda,” the analysts said.