Access Bank records N258bn gross earnings in Q3

Access Bank Plc, the full service commercial bank with headquarters in Nigeria and operations across Sub-Saharan Africa and the UK, has recorded a strong performance in its unaudited results for the third quarter (Q3) ended 30 September 2015, showing positive growth in financial indices.

The unaudited Q3 2015 financial results released to the Nigerian Stock Exchange (NSE) on Wednesday, showed that Access Bank recorded a gross earnings of N258bn, representing an increase of 42% over the N182bn recorded in the same period in 2014 with total contribution of interest income at 60% and non-interest income at 40%.
The Group posted a profit before tax of N60bn which showed an increase of 43% when compared to the third quarter of 2014 at N42bn. Profit after tax was up 34% in 2015 to N48bn compared to N35bn in nine months of 2014.
There were also increases in other financial indices; non-interest income rose 106% to N102bn in 2015 from N50bn in 2014; Operating income of N178bn grew by 42% in Q3 2015 compared with N126bn in the corresponding period of 2014 and Return on Average Equity (ROAE) of 20.4% in 2015, from 18.9% in Q3 2014 driven by significant improvement in profitability.
Speaking on the results, the Group Managing Director, Herbert Wigwe noted that “the Bank continues to maintain strong growth in earnings reflecting our commitment to deliver on our objectives for 2015. The Group posted a PBT of ₦60bn (Sep’14: ₦42bn), in spite of the significant policy headwinds in the first 9 months of the year.”

“We continue to invest in technology, enhance our processes and improve service delivery whilst reducing cost as we deploy simple and efficient digital solutions to meet the needs of our customers. The recent upgrade of our core banking applications will act as catalyst for the sustainable growth of our retail base and deepen our share in key focus market segments,” he stated.